Foundation Medicine (FMI) Soars on IPO-Up 75%
Foundation Medicine (FMI $32.30), based in Cambridge MA, went public today at $18 offering 5,888,888 M shares and promptly went up 79% on volume over 4.5M shares as of early trading. See IPO Desktop for more information on the hot IPO market. (Careful the hot IPO of August Intrexon (XON) is off 13% since the IPO.)
FMI is an emerging force in personalized medicine and cancer care, utilizing the tools of genomics to provide deep understanding of the molecular basis of disease.
Here is the S-1 Link for this offering. Revenues for Q1 were $5.2M. Balance sheet had $45.8M of cash.
FMI utilizes next generation sequencing (NGS) tools, such as those provided by Illumina (ILMN) and Life Technologies (LIFE), on small amounts of cancer tissue to provide genomic information to help doctors provide informed decisions related to cancer care.
Rayno Life Science Diagnostic stocks that are involved in genetic tests and biomarkers are trading as follows:
Genomic Health (GHDX $31.25) up 0.94%
Illumina (ILMN $80.13) down 1%
Qiagen (QGEN $21.23) up 0.43%
Response Genetics (RGDX $2.28) up 4%