Welcome to our dedicated page for 23andMe Holding Co. news (Ticker: ME), a resource for investors and traders seeking the latest updates and insights on 23andMe Holding Co. stock.
23andMe Holding Co. Class A Common Stock (NASDAQ: ME) is a leading genetics-led consumer healthcare and biopharmaceutical company. Founded in 2006, 23andMe specializes in personal genome services through DNA analysis technologies and interactive web-based tools. The company’s core service allows individuals to gain deep insights into their genetic ancestry, health predispositions, and phenotypic traits.
23andMe's mission is to personalize healthcare by supporting meaningful discoveries through genetic research. The company's primary revenue comes from its Consumer and Research Services segment, which includes the sale of direct-to-consumer personal genome services (PGS). This involves shipping DNA collection kits to users, who can then access detailed reports on their genetic makeup through 23andMe’s platform.
The company also has a Therapeutics segment that focuses on leveraging genetic data to develop new treatments. Notably, 23andMe presented positive Phase 2 safety and efficacy data from their anti-CD200R1 antibody, 23ME-00610, at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting.
Despite its groundbreaking work, 23andMe recently faced a significant data breach, affecting approximately 7 million users. Hackers specifically targeted the genetic information of Jewish and Chinese customers, selling the data on the dark web. This incident has led to a class-action lawsuit and ongoing investigations.
In research, 23andMe has also made significant strides. For example, the company conducted the world's largest study on the LRRK2 G2019S variant linked to Parkinson’s disease, with support from The Michael J. Fox Foundation. Findings from this study revealed new insights into the variant's impact and its prevalence in various populations, including unexpected hotspots in Latin Caribbean communities.
23andMe continues to expand its offerings, providing reports that calculate genetic likelihood for conditions like bipolar disorder, anxiety, and depression for its 23andMe+ Premium members. These reports are based on polygenic risk scores (PRS) developed through the company’s extensive research database.
With a strong commitment to advancing personalized healthcare and continuous innovation in genetic research, 23andMe remains a significant player in the biotechnology and consumer healthcare sectors.
23andMe Holding Co. (Nasdaq: ME) announced the extension of its collaboration with GlaxoSmithKline (GSK) for an additional year, enabling further exclusive target discovery until July 2023. GSK will pay 23andMe $50 million for this extension. Moreover, 23andMe has chosen a royalty option for their joint CD96 immuno-oncology program, which is currently in Phase 1 trials. This collaboration has so far yielded over 40 therapeutic programs, enhancing both companies' pipelines and reinforcing their commitment to human genetics in drug discovery.
MedAvail Holdings, Inc. (NASDAQ: MDVL) has appointed Mark Doerr as CEO, succeeding Ed Kilroy, effective January 10, 2022. The leadership change comes with a restructuring of the board, including new directors Laurie McGraw and Paul Johnson. Preliminary revenue results for Q4 and full year 2021 indicate significant growth, with Q4 sales expected between $6.9 million and $7.2 million, up over 123% year-over-year, and annual sales projected between $21.7 million and $22.0 million, representing a 55% increase compared to 2020.
23andMe received FDA clearance for a genetic health risk report on the G84E mutation in the HOXB13 gene, significantly linked to an increased risk of prostate cancer. This report marks the company's third FDA authorization for cancer risk assessments, joining the BRCA1/BRCA2 and MUTYH-Associated Polyposis reports. Notably, 23andMe is the only company with multiple FDA-approved direct-to-consumer genetic health reports. The G84E variant is most common in individuals of Northern European descent, with approximately 33-53% of carriers likely to develop prostate cancer.
23andMe Holding Co. (Nasdaq: ME) has announced the initiation of a Phase 1 clinical trial for 23ME-00610, an immuno-oncology antibody targeting CD200R1, crucial for regulating T and myeloid cells. This trial aims to evaluate the safety, tolerability, and pharmacokinetics in patients with advanced solid tumors. The CD200R1 axis plays a significant role in immune suppression in tumors. The company, leveraging its extensive genetic database, aims to develop new treatments for cancer, marking a significant milestone in its therapeutic endeavors. A virtual R&D Day is scheduled for January 18, 2022.
On December 28, 2021, 23andMe Holding Co. (Nasdaq: ME) announced the successful completion of the redemption of all outstanding warrants under the Warrant Agreement dated October 1, 2020. Approximately 23,901,466 warrants were exercised, marking a 95% redemption rate. The redemption price was set at $0.10 per warrant, resulting in the delisting of Public Warrants from the Nasdaq. Class A common stock trading remains unaffected. This marks a significant financial maneuver for the company, reinforcing its capital structure while enabling investor participation.
23andMe Appoints New Chief Scientific Officer
23andMe Holding Co. (Nasdaq: ME) announced the appointment of Dr. Joseph R. Arron as Chief Scientific Officer, bringing nearly 20 years of experience in biotech drug discovery. Dr. Arron will lead the company's therapeutic programs across multiple disease areas, including immuno-oncology and cardiovascular diseases. Previously at Genentech, he oversaw extensive research initiatives. This strategic addition aims to enhance 23andMe's drug discovery pipeline and further its mission in genetics-based therapeutics.
23andMe Holding Co. (Nasdaq: ME) announced the redemption of all outstanding Public and Private Warrants to purchase shares of its Class A common stock. The redemption price is set at $0.10 per Warrant, effective by 5:00 p.m. NYC time on December 22, 2021. The redemption is triggered if the Class A common stock's Reference Value equals or exceeds $10.00 per share for twenty trading days within a thirty-day trading period. Holders may exercise their Warrants until the Redemption Date, after which unexercised Warrants will become void.
23andMe Holding Co. (Nasdaq: ME) reported a Q2 FY2022 revenue of $55 million, a 7% increase year-over-year. The company completed the acquisition of Lemonaid Health, enhancing its telemedicine offerings. The consumer services segment accounted for 81% of total revenue. Operating expenses rose to $74 million due to R&D and marketing investments. The net loss improved to $17 million from $36 million in the prior year, driven by favorable changes in warrant liabilities. Cash reserves increased to $701 million following a prior business combination.
23andMe Holding Co. (Nasdaq: ME) announced its participation in three upcoming virtual investor conferences scheduled for November and December 2021. The conferences include:
- Credit Suisse 30th Annual Healthcare Conference on November 11 at 12:10 pm ET
- Piper Sandler 33rd Annual Healthcare Conference with a pre-recorded chat available the week of November 22
- Evercore ISI 4th Annual HealthCONx Conference on December 2 at 2:15 pm ET
Webcasts of these presentations will be accessible on the company's investor website.
23andMe Holding Co. (Nasdaq: ME) announced the appointment of Dr. Sandra Hernández to its Board of Directors. Dr. Hernández, currently the President & CEO of the California Health Care Foundation, brings a wealth of experience in improving healthcare access, particularly for underserved communities. Her leadership is expected to enhance 23andMe’s efforts in delivering personalized healthcare experiences. Anne Wojcicki, CEO of 23andMe, emphasized Dr. Hernández’s expertise as vital for the company’s mission of providing affordable and accessible care.
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