Bankrupt microbiome-testing startup uBiome, once valued at $600 million by Silicon Valley investors, preliminarily sold its patents at auction to a DNA-testing outfit called Psomagen for less than 1% of the company’s original value on Monday, a person with direct knowledge of the matter told STAT.
Psomagen is a genetic sequencing company that sells personal DNA tests including a gut health test, according to its website. A subsidiary of South Korean biotech Macrogen, the company has at least 25 U.S. employees, all based in Maryland, according to LinkedIn. On Monday, Psomagen offered $7 million for uBiome’s patents portfolio and related intellectual property, according to the source and public bankruptcy documents. No other bidders came forward with a competing offer.