Two of the three independent board members assigned to a special committee to conduct an internal investigation of genomics startup uBiome have resigned from the board, Business Insider reports.
According to a letter sent to company shareholders on May 14, Witt Wisebram, a uBiome co-founder, and Joseph DeRisi, PhD, a University of California San Francisco professor, have resigned from the committee and board. Kimmy Scotti, partner at venture firm 8VC, is now the only member of the special committee, as well as the board's only remaining independent director.
The committee was formed after the FBI raided uBiome's San Francisco office in late April and several other agencies and insurance companies launched investigations of their own into the company's billing practices. The internal group began by placing uBiome's two co-CEOs on administrative leave, appointing John Rakow, the startup's general counsel, interim CEO and hiring Milbank law firm to lead the independent investigation.
"Although Ms. Scotti and 8VC believe it would be helpful for additional independent directors to be appointed to assist with the process of directing the Special Committee's investigation, no one has yet come forward to serve," the letter reads. "At this critical time, Ms Scotti, through the Special Committee, and with the support of her partners at 8VC is fully committed to acting in the best interests of all uBiome's stakeholders, even if she must do so alone."
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