Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in the United States to initiate the sale of its assets. In addition to the announcement, the company’s co-founder and CEO Anne Wojcicki said she was leaving the company to become an independent bidder for the company.
“After a thorough evaluation of strategic alternatives, we determined that court oversight of the sales process is the best way to maximize the value of the business,” Mark Jensen, chairman and chairman of the board, said in a statement.
“We expect that the court oversight process will facilitate efforts to address operational and financial challenges we face, including further cost reductions and addressing legal and lease liabilities. We believe in the value of people and the value of assets and the value of our assets, and hope that this process enables our mission to help people acquire, understand and benefit from the human genome, thus benefiting customers and patients.”
“The 23andMe Special Committee released the news today that shows that they plan to pass the Chapter 11 process. Although I am disappointed with the conclusion we have drawn and my bid was rejected, I support the company and I intend to be a bidder. I have resigned from the company’s resignation. In posts on x.
23andme has A few troublesome years After being publicly published in 2021, well-known for its saliva-based test suite that gives customers a glimpse of its genetic heritage, the company’s market value has dropped to more than 99% from its $6 billion peak after failing to cash in on profits.
Then in 2023, 23andMe suffered a huge cyber attack, in which Data from nearly 7 million customersincluding the user’s genetic susceptibility and ancestral reports, were stolen by hackers. In September 2024, the company settled the lawsuit By paying $30 million, it’s related to data breachnot long after, Worgicky said she was exploring Private company.
At the time of writing, the company’s market value is approximately $48 million and its stock trades are $1.79.
