Veritas Suspends Operations In Another Sign Of Gene-Testing Companies Losing Footing In Consumer Market
Giants like 23andMe continue to dominate, but smaller firms like Veritas have had to pare back expectations. Veritas was known as one of the few companies providing whole-genome sequencing.
Stat:
Veritas Genetics Suspends Its U.S. Operations
Veritas Genetics, the Boston-based personal genome testing company co-founded by noted Harvard Medical School professor George Church, suspended its operations in the United States, according to a statement the company posted Thursday on Twitter. The company experienced “an unexpected adverse financing situation,” according to the posted statement. “We are currently assessing all paths forward, including strategic options.” (Sheridan, 12/5)
CNBC:
Veritas Genetics To Cease US Operations, Talks With Buyers
The company also laid off the bulk of its employees based in the U.S., about 50 people, earlier this week, according to a source familiar with the company. The source asked not to be named because they were not authorized to speak for Veritas Genetics. “I can clarify this temporarily affects U.S. operations only,” a spokesperson for the company said. “All of the customers outside of the U.S. will continue to be served by Veritas Europe and Latin America.” (Farr, 12/5)
In other health industry news —
Stat:
Gates Foundation CEO Susan Desmond-Hellmann To Step Down
Sue Desmond-Hellmannn is stepping down as CEO of the Bill and Melinda Gates Foundation, the world’s largest funder of biomedical research. In a statement, she cited health and family reasons for the move. Desmond-Hellmann will be replaced by Mark Suzman, the foundation’s president of global policy and advocacy and chief strategy officer, on Feb. 1. (Branswell, 12/5)
Modern Healthcare:
Primary-Care Provider ChenMed To Enter Five New Markets
Miami-based primary care provider ChenMed plans to expand into the Cleveland market, as well as into Cincinnati, Memphis, Orlando and St. Louis, while growing within its current 14 markets. ChenMed announced Tuesday, Dec. 3, that it plans to establish multiple Dedicated Senior Medical Centers in each of the five new cities, opening a total of 20 new medical practices in the next year. It aims to transform primary care for tens of thousands of presently underserved seniors, according to a news release. (Coutré, 12/5)
