Foundation Medicine to price initial public stock sale between $14-$16

Proceeds fund clinical trials, working capital and corporate purposes

By Devika Patel

Knoxville, Tenn., Sept. 20 - Foundation Medicine, Inc. will price its initial public offering of stock between $14.00 and $16.00 per share, according to a Form S-1/A filed Thursday with the Securities and Exchange Commission. The deal was announced on July 29.

The company will sell 5 million common shares with a 30-day greenshoe option for an additional 750,000 shares.

Goldman, Sachs & Co. and J.P. Morgan are the bookrunners. Leerink Swann and Sanford C. Bernstein are the co-managers.

Proceeds will be used for the expansion of the company's commercial and laboratory operations, ongoing and new clinical trials, building technology infrastructure and capabilities, as well as for working capital and other general corporate purposes, including operating costs.

Based in Cambridge, Mass., Foundation Medicine develops clinical products to treat cancer. The company intends to list its common stock on the Nasdaq under the symbol "FMI."

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