By Christiana Sciaudone
Investing.com -- Genetic testing company 23andMe starts trading on the Nasdaq today under the ticker "ME."
The company is going public via a reverse merger with Virgin Group's VG Acquisition Corp (NYSE:VGAC), a special purpose acquisition company.
23andMe raised approximately $592 million in gross proceeds to fuel growth and expansion in the company’s consumer health and therapeutics businesses, it said in a statement. Capital from the transaction will also be used to invest in the company's genetic and phenotypic database to help accelerate personalized healthcare at scale.
“23andMe was founded to revolutionize healthcare by empowering people with direct access to their DNA,” said Anne Wojcicki, CEO and co-founder of 23andMe.
“Over 11 million people have joined 23andMe and are part of the community that is using genetics to transform how we diagnose, treat and prevent human disease," she said.
“As one of the earliest investors in 23andMe, I’ve long believed in its vision to transform the future of healthcare,” said Sir Richard Branson, Virgin Group Founder. “I’ve seen first-hand the transformative impact 23andMe has in paving the way for many more people to be proactive about their health and wellbeing.
"There are huge growth opportunities ahead, and with Anne and the rest of the incredible management team at the helm, I’m confident they will continue to innovate and disrupt the industry, creating a lasting impact on many people’s lives," he said.