Veritas hits a false note
Veritas Genetics, a company that offered whole genome sequencing to consumers, ran into an “unexpected adverse financial situation,” and now it’s suspending its business in the U.S.
As STAT’s Kate Sheridan reports, the news arrived in the form of a tweet, imperiling the future of a startup that once hoped to offer a $99 genome. Veritas’s pitch was that its test delivered orders of magnitude more data than popular offerings from 23andMe and Ancestry, saying its approach was different the way “a sports car is different from a tricycle.”
Veritas’s financial trouble, whatever the details may be, underlines some emerging concerns about just how viable consumer genetic testing is as a business. Illumina, the leading provider of genomic analysis technology, sent waves through the industry over the summer when it slashed sales forecasts and blamed a decline in demand for consumer-facing products.
Read more.
As STAT’s Kate Sheridan reports, the news arrived in the form of a tweet, imperiling the future of a startup that once hoped to offer a $99 genome. Veritas’s pitch was that its test delivered orders of magnitude more data than popular offerings from 23andMe and Ancestry, saying its approach was different the way “a sports car is different from a tricycle.”
Veritas’s financial trouble, whatever the details may be, underlines some emerging concerns about just how viable consumer genetic testing is as a business. Illumina, the leading provider of genomic analysis technology, sent waves through the industry over the summer when it slashed sales forecasts and blamed a decline in demand for consumer-facing products.
Read more.
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