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23andMe Holding Co. reported developments tied to its human genetics, consumer health, and research businesses, including new 23andMe+ Premium genetic reports, lab-test offerings, and Discover23 research access for biopharma collaborators. Company updates also covered its proprietary genetic and health-information database, consented research participation, and privacy policies governing customer data.
Recent corporate news focused on liquidity, discontinued therapeutics operations, strategic alternatives, board and leadership changes, and Chapter 11 proceedings involving a court-supervised asset sale process. These updates frame the company’s transition from an operating consumer genetics business into a restructuring and corporate-status story.
23andMe Holding Co. (Nasdaq: ME) reported a 23% increase in revenue for Q1 FY2022, totaling $59 million, compared to the prior year. The company's cash balance reached $770 million following a merger with VG Acquisition Corp. Despite revenue growth, net loss widened to $42 million, influenced by escalating operating expenses due to heightened R&D and marketing efforts. The company's full-year revenue guidance is projected at $250 to $260 million with anticipated net losses of $210 to $225 million. 23andMe continues to expand its therapeutics portfolio while enhancing its customer database to 11.6 million genotyped customers.
23andMe Holding Co. (Nasdaq: ME) announced that it will report its fiscal year 2022 first-quarter financial results on August 13, 2021, before market opens. A conference call will be held at 11:00 a.m. ET to discuss these results and business progress. The webcast will be available for later replay.
23andMe is recognized for its consumer genetics services and has FDA authorizations for genetic health risk reports. The company has a strong research platform, with over 180 publications pertaining to various diseases and conditions.
23andMe Holding Co. (Nasdaq: ME) announced the appointment of Dr. Valerie Montgomery Rice and Peter Taylor to its board of directors, following its recent business combination with VG Acquisition Corp. Dr. Montgomery Rice is the president of Morehouse School of Medicine, emphasizing diversity in healthcare. Peter Taylor leads initiatives focusing on educational outcomes and has extensive experience in finance. Together, they aim to enhance 23andMe's efforts in personalized medicine and improve healthcare through human genetics, positioning the company for growth.
23andMe Holding Co. has completed its merger with VG Acquisition Corp., with shares commencing trading on Nasdaq under ticker ME from June 17, 2021. The business combination was approved by shareholders on June 10, 2021, raising approximately $592 million to enhance 23andMe's consumer health and therapeutics efforts. CEO Anne Wojcicki emphasized the aim to expand personalized healthcare access. Additional board members include Evan Lovell and Peter Taylor, while Sir Richard Branson supports the company’s growth vision.
VG Acquisition Corp. (NYSE: VGAC) announced that its shareholders approved the merger with 23andMe, Inc. at a Special Meeting held on June 10, 2021. Over 87% of votes supported the merger, which is set to finalize on June 16, 2021, pending customary closing conditions. Following the merger, VGAC will be renamed to 23andMe Holding Co., with new shares trading on Nasdaq under the symbol 'ME' starting June 17, 2021. 23andMe is recognized for its consumer genetics services and the world's largest crowdsourced genetic research platform.
23andMe, Inc. has entered a merger agreement with VG Acquisition Corp. (NYSE: VGAC), aimed at creating a publicly traded entity under the ticker 'ME'. This transaction, valued at approximately $3.5 billion, is expected to close in Q2 2021. The merger will provide 23andMe with up to $984 million in cash to fuel growth initiatives. Sir Richard Branson and Anne Wojcicki will invest $25 million each in the deal. With over 80% of its customers participating in genetic research, 23andMe is positioned to advance personalized healthcare through its extensive genetic database.