Google, Consumer Genetics and the Recession

Published On: June 20th, 2009

Brin Google is getting some attention for what amounts to a piddling investment for the Internet search giant. The company disclosed in a regulatory filing yesterday that it is putting an additional $2.6 million in consumer genetics company 23andMe.

The attention comes because Google co-founder Sergey Brin (pictured) is married to 23andme co-founder Anne Wojcicki. Google had also invested $3.9 million in May 2007, shortly after the couple was married.

Apart from the blurry business and personal relationship, what does the money mean about the financial health of the consumer genetics company, and the industry more generally? Hard to say for sure because two of the key companies in the sector — 23andMe and Navigenics — are closely held. But many consumers in a down economy may be reluctant to fork over hundreds of dollars to assess their genetic risk of certain diseases, particularly given the skepticism from some in the medical community who argue that consumer genetics aren’t ready for prime time.

Publicly traded deCODE Genetics, a third competitor, has been under intense pressure. Its liquid funds were down to $3.7 million in December from $64.2 million a year earlier, according to its 2008 full-year earnings release. In May, deCODE said in its first-quarter earnings statement that “the company believes it has sufficient resources to sustain operations through the second quarter of this year.”

23andMe announced a steep price drop of its personal genome scan service in September to $399 from $999. But it attributed the decrease to “technological advancements.” Its news release was headlined “23andMe Democratizes Personal Genetics.”

Photo: Associated Press

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Google, Consumer Genetics and the Recession

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