uBiome convinced Silicon Valley that testing poop was worth $600 million. Then the FBI came knocking. Here's the inside story.
[T]he Board and management team have taken strong and swift action to address the issues that have come to light, including implementing a new code of ethics and initiating an independent review of uBiome's billing practices. As we work diligently to restore the company's credibility and the integrity of its leadership, we will take any corrective actions that are needed to ensure uBiome becomes a stronger company.
To comply with Nurx's photo requirement, uBiome allowed patients like Lucy to upload a photo attachment. It appears that neither company verified the contents of those attachments, however, according to ex-employees and patients. Internal messages suggest that uBiome employees thought Nurx was responsible for validating the photos.uBiome is a microbiome testing startup in San Francisco.
But not enough doctors responded to uBiome's pitch, the insiders said. Instead of rising, patient demand for the tests was dropping, according to internal messages that Business Insider viewed. In one message, an employee said the number of samples that were predicted to arrive had declined by more than half in a two-month period.So in the fall of 2017, uBiome found an ally: a former uBiome executive named Hans Gangeskar who was working as co-founder and CEO of birth control startup Nurx.
But shortly after uBiome and Nurx partnered up, issues between the companies began to surface, ex-employees said.The biggest problem with the Nurx-uBiome partnership was that Nurx required patients to submit photo IDs before approving requests for a prescription while uBiome did not, according to insiders.
600 mill!?....that is some good shi*!
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