Foundation to go public

July 29
11:59 PM 2013

Massachusetts-based Foundation filed its official initial public offering documents with the Securities and Exchange Commission late Monday. Foundation is a cancer diagnostics firm supported by holding partnerships with 18 pharmaceutical enterprises and significant names such as Yuri Milner and Bill Gates. Foundation said in its filing that it planned to put up as much as US$86.25 million from its initial public share offering to investors. The firm wants to trade under the symbol "FMI" on the Nasdaq.

Foundation had already collected around US$99 million in venture capital since it was established in 2009. According to the official documents filed with the SEC, Foundation's most significant stockholders are Third Rock Ventures with 30.9% stake, private equity group Kleiner Perkins Caulfield & Byers with 16.6% stake, Google Ventures with 11.5%, LabCorp with 5.2%, Bill Gates' Gates Ventures with 5.2%, and Wellington Management with 5.1%.

J.P. Morgan Securities, Goldman Sachs,  Sanford C. Bernstein, and Leerink Swann have been enlisted to underwrite the offering.

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