Posted on 03/19/2021 8:39:24 PM PDT by BenLurkin
The SEC charged Jessica Richman and Zachary Apte, the co-founders of the poop-testing startup uBiome, with defrauding investors out of $60 million through misleading statements and false representations of the company’s prospects. [T]he charges stem from a 2018 Series C round valuing the company that once appointed ex-Novartis CEO Joe Jimenez to its board at nearly $600 million.
Regulators submitted their filing in federal court in San Francisco, and are seeking to bar Richman and Apte from serving in future officer and director positions. Thursday’s indictment describes Richman and Apte as fugitives...
Founded way back in 2012, uBiome burst onto the scene with a pledge to crowdsource the sequencing and mapping of the human microbiome — the bacterial ecosystem inside the gut that some scientists say has wide-ranging impacts on one’s health. The company pitched itself as the next 23andMe, offering to analyze stool samples and return health-related advice.
By the time its Indiegogo funding page closed in February 2013, uBiome had raised over $350,000. The company also recruited several notable scientists over the years, including geneticist George Church to its scientific advisory board.
uBiome eventually expanded their products to include vaginal health and STDs women face. And to ostensibly beef up a drug R&D plan, the company added Jimenez to its board in 2018, despite a scandal where Jimenez paid former President Donald Trump’s personal attorney Michael Cohen a $1.2 million contract.
But the house of cards began to crumble when some researchers sounded alarms that the science behind the company didn’t all add up. They said that, like when 23andMe first started, there simply hadn’t been enough research into the microbiome to offer sweeping health advice based on a stool sample. 23andMe, after facing its own criticism, eventually gained FDA approval for several of its services.
(Excerpt) Read more at endpts.com ...
I originally read it as “uBlome”.
Is what you are saying is they got the runs?
A suit filed against a poop testing company being filed in San Francisco?
Of course. The jokes just write themselves.
Somebody needs to get to the bottom of this!
A crap business model if you ask me.
Meet the new CEO, Haywood Djablomie
Something smells....
“STDs women face”
you mean the exact same ones as men do...and i’m rhetorically saying that to the author, not the poster :)
I’m sure the SEC will flush out these poop testing bad guys.
I originally read it as Cuomo. My misunderstanding is perfectly reasonable.
“uBiome eventually expanded their products to include vaginal health and STDs women face.”
Risky move there! That probably started a lot of people asking questions.
Such a CLASSIC picture of Holmes. And yep, that was my first thought too!
What is this, Theranos chapter deux?
You can make this shit up apparently.
Oh, Crap!
They are full of sh*t
And they had to drag Trumps name into this for some reason.🙄
Saturday Night Live could make a one hour insanely funny show of this. They will not.
It is funny. I would suggest it start with, “you will stick a swab up my ass?” The jokes would then follow.
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