The agency charged the co-founders of the failed fecal microbiome startup with defrauding investors. The SEC is seeking a court order that would bar uBiome’s co-founders from serving as officers or directors, and require them to give up any ill-gotten gains.
Founded in 2014, MaaT Pharma is pushing two therapies through clinical trials that are designed improve survival for patients with blood cancers and other diseases. Despite high-profile hiccups, the field of microbiome therapy remains attractive to investors.
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A mere five months after an FBI raid, the San Francisco startup, once valued at $600 million, has filed for bankruptcy. It will continue to offer its microbiome test while also looking for a buyer.
Here's how the San Francisco company went from being an investor darling valued at $600 million to being under investigation by the FBI for its corporate practices.
The appointment of John Rakow follows a raid on the company's offices in San Francisco last week connected with an investigation into allegations it had been double billing insurers.
The company also appointed to its board former Novartis CEO Joe Jimenez, who was involved with the Swiss drugmaker's hiring of former Trump attorney Michael Cohen.
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With $15.5 million more in the bank, San Francisco startup uBiome is on a mission to scale and diversify its consumer gut bacteria tests into clinically actionable diagnostics.