Competed genetic firm 23andmeOnce value 6 billion US dollars, the insolvency protection of insolvency capability in Missouri applied for Sunday evening.
The company's CEO, Anne Wojcicki, immediately resigned from her role as CEO of Effective, although she stays a member of the Board of Directors. Joseph Selsavage, Chief Financial and Accounting Officer from 23Andme, will act in response to Interim CEO A submission With the US Securities and Exchange Commission.
“We have achieved a lot of success, but I also take responsibility for the challenges we have today,” wrote Wojcicki in a contribution In the early Monday morning on the x. “There is no doubt that the challenges of 23Andme due to a developed business model were real, but my belief in the company and its future is steadfast.”
23Andme refused to comment on the submission.
The former billionaire was a co-founder of 23Andme in 2006, and the corporate pushed into the mainstream due to its DNA test kits at home, which gave the client an insight into their family history and genetic profiles. The five-time CNBC Disruptor 50 Company went to the stock exchange for purposes in 2021 with a special company, which rated 23 and at the moment with around $ 3.5 billion.
The 23Ande stock has been mostly outdoors in recent times when the corporate had difficulty getting recurring income and liable research and therapeutic agents. By the tip of Monday, the corporate has a market capitalization of lower than 20 million US dollars.
Last March, the independent directors of 23Andme formed a special committee to guage the corporate's potential paths. Wojcicki submitted several suggestions to take the corporate privately, but everyone was rejected. The special committee “decided to unanimously reject the latest proposal from Wojcicki's in the early this month.
If the goal of 23Andme to sell his assets via a chapter 11 plan is approved by the court, the company will “obtain actively qualified offers” using a 45-day process. Wojcicki plans to pursue the company as an independent bidder, she said in her post on Monday.
23Andme has between 100 and 500 million US dollars of estimated assets and between 100 and 500 million US Bankruptcy registration.
Beyond his financial problems, Data protection concerns Around 23andmes genetic database have swung in recent times. In October 2023, Hackers have accessed the information out of almost 7 million customers.
The California Attorney General Rob Bonta published on Friday A Consumer alarm Use the residents to think about deleting their genetic data on the website of 23 and 23Andme.
23Andme said that there will be no changes in the way in which customer data stores, protects or manages, protects or manages customer data, and the operating business continues as usual.
“If I feel concerning the future, I’ll proceed to make use of that customers have selection and transparency in relation to their personal data whatever the platform,” said Wojcicki.
Clock: The increase and case of 23andme
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