Milner and Gates invest in cancer diagnostics
Yuri Milner, a Russian entrepreneur and the co-founder of Mail.ru Group, and Bill Gates have invested $13.5m in an American company, Foundation Medicine, which develops new cancer diagnostics.
Jan 14, 2013
As innovation news portal Venture Business News reports, Yuri Milner, a Russian entrepreneur and the co-founder of Mail.ru Group, and Bill Gates have invested $13.5m in an American company, Foundation Medicine, which develops new cancer diagnostics.
Foundation Medicine has been offering genetic testing services since early 2011. Testing results are said to help pinpoint mutations, which, in its turn, guides oncology specialists in prescribing medication. One sample analysis will reportedly cost around $5,000.
The company studies tumor samples by applying genome sequencing, a methodology based on ‘reading’ the sequence of DNA molecules, which helps see changes in the structure of a molecule. As a result, an estimated 200 most frequent gene anomalies that cause malignant tumor proliferation are reportedly analyzed.
Between 2009, when Foundation Medicine was set up, and now the US firm is said to have raised almost $100m in investment.
Foundation Medicine has been offering genetic testing services since early 2011. Testing results are said to help pinpoint mutations, which, in its turn, guides oncology specialists in prescribing medication. One sample analysis will reportedly cost around $5,000.
The company studies tumor samples by applying genome sequencing, a methodology based on ‘reading’ the sequence of DNA molecules, which helps see changes in the structure of a molecule. As a result, an estimated 200 most frequent gene anomalies that cause malignant tumor proliferation are reportedly analyzed.
Between 2009, when Foundation Medicine was set up, and now the US firm is said to have raised almost $100m in investment.