Xconomy: 23andMe Raises $250M For Consumer Disease-Risk Tests, Drug R&D
Summary
But in 2013, the FDA put a stop to that, warning the company that it was marketing its genetic testing kit without proper regulatory approvals.The company has also moved aggressively into a second business, drug research and development, and the new cash will also support those efforts—potentially a more lucrative market than consumer testing.23andMe has already opened its vast database, with genetic and other information from more than 1 million customers, to companies looking for clues that will help shape their drug research.In May, the company announced it was working with Germany-based The Grunethal Group to enroll up to 20,000 U.S. participants to study the link between genetics and pain response.Last month, it unveiled a partnership with Denmark’s Lundbeck to recruit up to 25,000 people to study the role of genetics and environmental factors in depression.