The gene test company 23Andme said on Sunday that it had applied for insolvency protection in Chapter 11 to make it easier to sell after it fought for years to search out a sustainable business model.
In a press release The company announced the bankruptcy and said that her CEO, Anne Wojcicki, immediately resigned effectively. It will remain on the corporate's board.
Relatives: With 23Ande in 'Financial Not' California, official editions in California attentive to customers
“After a thorough assessment of strategic alternatives, we found that a sales process checked by the court is the best way to maximize the value of the business,” said Mark Jensen, chairman and member of the special committee of the board of directors, within the declaration.
At the top of last yr, the corporate announced that in response to Reuters, around 40% of its workforce – around 200 employees – had hired as a part of a restructuring program.
In September all seven independent directors of the corporate receded rather a lotcites her frustration in regards to the “strategic orientation of the CEO” and the efforts to take 23andme privately.
The company, which went to the stock exchange in 2021, had never made a profit. The stock rose after the list and briefly rated the corporate to six billion US dollars. Wojcicki, who had 49% of the corporate, became a billionaire.
His core product, a DNA test kit for home, offers “personalized genetic knowledge”, which the corporate says that potential health risks similar to the likelihood of the event of Alzheimer's or certain varieties of cancer can characterize.
23Andme tried to convert unique buyers into subscribers with the promise of constant feedback and personalized wellness plans, but reportedly now not had his goals.
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