Foundation Medicine and Guardant Health Agree to Resolve False Advertising Lawsuit
March 13 2018 - 4:05PM
Business Wire
Foundation Medicine, Inc. (NASDAQ:FMI) and Guardant Health, Inc.
announced an agreement to settle false advertising challenges that
the companies had filed against each other under the Lanham Act
related to advertising for their respective liquid genomic
profiling assays. Under the terms of the settlement, the lawsuit
and counterclaims will be dismissed with prejudice. The companies
also agreed to create a rapid-resolution process in the event of
further advertising-related disputes.
In conjunction with the settlement, the parties further agreed
to establish a working group to explore the development of standard
formulas and definitions for the validation of genomic profiling
assays.
Guardant Health’s CEO, Helmy Eltoukhy stated, “We are pleased to
resolve this legal matter in a way that not only addresses our
respective concerns about historical marketing practices but
focuses on educating clinicians and improving patient care.”
Foundation Medicine’s CEO, Troy Cox, stated, “We’re pleased with
this settlement that enables both companies to focus on the needs
of the oncology community.”
About Guardant Health
Guardant Health is focused on conquering cancer by using its
breakthrough blood-based assays, vast data sets, and advanced
analytics. Using both molecular and digital tools, Guardant Health
is addressing challenges across the cancer care continuum. The
company has raised more than $500 million from leading investors.
Its first product, the Guardant360 assay, came to market in 2014,
and is now widely ordered and commercially available in more than
30 countries. In 2016, it announced Project LUNAR, an effort to
apply Guardant Health's technology platform to early detection,
recurrence monitoring, and assessing minimal residual disease.
Guardant Health and Guardant360 are registered trademarks of
Guardant Health, Inc. Learn more at www.guardanthealth.com.
About Foundation Medicine
Foundation Medicine (NASDAQ:FMI) is a molecular information
company dedicated to a transformation in cancer care in which
treatment is informed by a deep understanding of the genomic
changes that contribute to each patient's unique cancer. The
company offers a full suite of comprehensive genomic profiling
assays to identify the molecular alterations in a patient's cancer
and match them with relevant targeted therapies, immunotherapies
and clinical trials. Foundation Medicine’s molecular information
platform aims to improve day-to-day care for patients by serving
the needs of clinicians, academic researchers and drug developers
to help advance the science of molecular medicine in cancer. For
more information, please visit http://www.FoundationMedicine.com or
follow Foundation Medicine on Twitter (@FoundationATCG).
Foundation Medicine® is a registered trademark of Foundation
Medicine, Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313006004/en/
For Foundation Medicine:Media:Lee-Ann Murphy,
617-245-3077pr@foundationmedicine.comorInvestor:Kimberly
Brown, 617-418-2215ir@foundationmedicine.comorFor Guardant
Health:Media:press@guardanthealth.com
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