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Wednesday, January 3, 2024

23andMe blames users for data breach, citing recycled passwords

 Genetic testing company 23andMe is facing a class action lawsuit after users’ data was accessed without authorization – a breach it blames on customers who used a recycled password as login credentials for their account on the home DNA firm’s website.

23andMe wrote in a letter responding to attorneys representing customers whose data was exposed that no breach occurred under the provisions of the California Privacy Rights Act because users targeted in the initial breach were using login credentials that had been exposed in breaches involving other websites through the use of a tactic called "credential stuffing." The letter was first reported by TechCrunch and confirmed independently by FOX Business.

The company reiterated the position it took when it first revealed the incident in October, writing that "unauthorized actors managed to access certain user accounts in instances where users recycled their own login credentials – that is, users, used the same usernames and passwords used on 23andMe.com as on other websites that had been subject to prior security breaches, and users negligently recycled and failed to update their passwords following these past security incidents, which are unrelated to 23and Me."

Around 14,000 accounts of 23andMe users were targeted in the initial incident and hackers used those accounts to access the data of 6.9 million users. From the initial 14,000 breached accounts, the hacker accessed information from about 5.5 million DNA Relatives profiles and roughly 1.4 million Family Tree feature profiles connected to the compromised accounts. 

The company said in December it had 14 million customer profiles at the time.

23andMe did not immediately respond to a request for comment.

TickerSecurityLastChangeChange %
ME23ANDME HOLDING CO0.84-0.07-8.04%

"Rather than acknowledge its role in this security disaster, 23andMe has apparently decided to leave its customers out to dry while downplaying the seriousness of these events," Hassan Zavareei, an attorney representing victims pursuing a class action lawsuit against 23andMe, said in a statement provided to FOX Business. 

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He also noted that "the breach impacted millions of consumers whose data was exposed through the DNA Relatives feature on 23andMe’s platform, not because they used recycled passwords."

"Of those millions, only a few thousand accounts were compromised due to credential stuffing," Zavareei added. "23andMe’s attempt to shirk responsibility by blaming its customers does nothing for these millions of consumers whose data was compromised through no fault of their own whatsoever."

In the wake of the breach, hackers posted roughly 1 million data points associated with users of Ashkenazi Jewish heritage and similar data related to over 300,000 users with Chinese heritage.

23andMe also took steps to change users’ security protocols by requiring the use of two-factor authentication for all new and existing users and also directing every customer to reset their password.

The company's stock was down over 8% during late afternoon trading on Wednesday.

https://www.foxbusiness.com/technology/23andme-blames-users-data-breach-citing-recycled-passwords

CVS Caremark accelerates biosimilars adoption referencing Humira

 CVS Caremark®, a CVS Health® (NYSE: CVS) company, announced the continuation of its efforts to expand adoption of biosimilars. Effective April 1, 2024, Humira® will be removed from our major national commercial template formularies and Humira biosimilars will be covered. Humira will continue to be an option for its customers with Choice and Standard Opt Out commercial formularies. Commercial formularies are the drug lists used by employers, unions and health plans for prescription drug coverage.

In much the same way that generic drugs are used as alternatives to branded drugs, biosimilars offer quality, safe, and effective treatment options that have no clinically meaningful difference from their reference products. A vibrant and competitive biosimilar market is essential to driving sustainable cost savings and options for consumers over the long term. The biosimilars market in the U.S. is projected to grow from less than $10 billion in 2022 to more than $100 billion by 2029.

https://www.prnewswire.com/news-releases/cvs-caremark-accelerates-biosimilars-adoption-through-formulary-changes-302025679.html

Alvotech Study: Therapeutic Equivalence of Biosimilar Candidate AVT06, Reference Product Eylea

 The confirmatory clinical, safety and efficacy study for AVT06, biosimilar candidate to Eylea® (aflibercept) met its primary endpoint in patients with neovascular (wet) Age-related Macular Degeneration (AMD)

https://www.globenewswire.com/news-release/2024/01/03/2803066/0/en/Alvotech-Clinical-Study-Results-Demonstrate-Therapeutic-Equivalence-between-Biosimilar-Candidate-AVT06-and-Reference-Product-Eylea-aflibercept.html

Scribe Therapeutics Expands In Vivo Collaboration with Sanofi to Second Target

 -Scribe Therapeutics Inc., a genetic medicines company unlocking the potential of CRISPR to transform human health, today announced that Sanofi (NASDAQ: SNY) has exercised its option for a second target as part of the companies' research collaboration to develop in vivo CRISPR-based therapeutics.

https://www.businesswire.com/news/home/20240103348215/en/

Roche, Remix to Collaborate in Small Molecule Therapeutics Modulating RNA Processing

 Remix Therapeutics (Remix), a clinical stage biotechnology company developing small molecule therapies to modulate RNA processing and address underlying drivers of disease, today announced a collaboration and license agreement with Roche (SIX: RO, ROG; OTCQX: RHHBY) for the discovery and development of small molecule therapeutics that modulate RNA processing using Remix's REMaster drug discovery platform.

Under the terms of the agreement, Remix will receive an upfront payment of $30 million and are eligible to receive up to $12 million in near-term milestone payments, as well as preclinical, clinical, commercial and sales milestones of up to $1 billion and tiered royalties. In exchange, Roche will have exclusive rights to specific targets. Remix will conduct discovery and preclinical activities with Roche, and Roche will be responsible for development and commercialization of any resulting products.

https://www.prnewswire.com/news-releases/remix-therapeutics-enters-collaboration-with-roche-for-the-discovery-and-development-of-small-molecule-therapeutics-modulating-rna-processing-302024970.html

SELLAS Provides Corporate Updates and Highlights Key Upcoming Milestones

 Company to Host Corporate Update Webinar Today, January 3, 2024, at 8:30 am ET-

-Interim Analysis of Phase 3 REGAL Study of Galinpepimut-S in Patients with Acute Myeloid Leukemia Expected in First Quarter 2024 -

- Phase 2a Study of SLS009 in Relapsed/Refractory AML Patients Ongoing with Topline Data Expected in First Quarter of 2024

- Phase 1b/2 Study in Relapsed/Refractory Peripheral T-cell Lymphoma Patients Ongoing with Top-line Data Expected in First Half 2024 –

Webinar: 
Date:Wednesday, January 3, 2024
Time:8:30 a.m. Eastern Time
Dial-in (U.S.):1-877-423-9813
International Dial-in:1-201-689-8573
Webcast:SELLAS Update Call

Bristol cut to Neutral from Buy by B of A

 Target to $60 from $68

https://finviz.com/quote.ashx?t=BMY&ty=c&ta=1&p=d