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State Senator Joe Leibham to not seek recount for last week's election

SHEBOYGAN, WI (WHBL) - Joe Leibham will not seek a recount for last week's 6th House District Republican primary. The Sheboygan state senator lost the four man race to State Senator Glenn Grothman by 219 votes, which was close enough to ask for a recount that would have been paid for by local government units. In a statement made Friday afternoon, Leibham said he has contacted Grothman about his decision and wished him well in the November general election.  He adds he is happy of the ...

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Russian billionaire invests in U.S. genetics company 23andMe

Digital Sky Technologies CEO Yuri Milner attends the eG8 forum in Paris May 25, 2011. REUTERS/Gonzalo Fuentes
Digital Sky Technologies CEO Yuri Milner attends the eG8 forum in Paris May 25, 2011. REUTERS/Gonzalo Fuentes

By Sarah McBride

SAN FRANCISCO (Reuters) - Russian billionaire Yuri Milner, best-known for investments linking consumers to the Internet, is placing a bet on genetics.

Milner, who backed companies ranging from Facebook Inc to gaming company Zynga Inc, has led a $50 million funding round into 23andMe, a Mountain View, California, company that helps people decipher their genetic makeup.

His investment could shine a spotlight on biotechnology startups, which have taken a backseat in visibility to sectors like cloud computing and Internet services targeted at consumers.

23andMe, named for the 23 pairs of chromosomes that make up each person's genome, also announced a price drop for its saliva-based test, to $99 from $299.

For that price, consumers learn specifics about ancestry and genetic traits, including the possible conditions and diseases to which they may have a genetic propensity.

Existing investors joining the funding round include Anne Wojcicki, 23andMe's chief executive; Sergey Brin, Wojcicki's husband and co-founder of Google Inc; New Enterprise Associates; Google Ventures; and MPM Capital.

The company's last funding round was about $31 million, raised two years ago. Since its founding in 2006, 23andMe has raised about $68 million.

Biotechnology has fostered some hefty investment exits recently. On Monday, Amgen Inc said it would pay $415 million for Iceland-based Decode Genetics.

(Editing by Matthew Lewis)

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