DNA testing agency 23andMe has filed for Chapter 11 chapter safety to assist the corporate promote itself after years of monetary difficulties. Anne Wojcicki, 23andMe’s co-founder and CEO, introduced on X that she has resigned with rapid impact to turn into an unbiased bidder for the corporate, with chief monetary and accounting officer Joe Selsavage stepping in as interim CEO.
“After a radical analysis of strategic options, we’ve decided {that a} court-supervised sale course of is the most effective path ahead to maximise the worth of the enterprise,” Mark Jensen, chair and member of the Special Committee of the Board of Directors, mentioned in an announcement. “We anticipate the court-supervised course of will advance our efforts to deal with the operational and monetary challenges we face, together with additional price reductions and the decision of authorized and leasehold liabilities.”
23andMe says that it intends to “proceed working its enterprise” all through the chapter proceedings and that buyer’s entry to information and subscriptions received’t be affected.
“We have had many successes however I equally take accountability for the challenges we’ve at the moment,” Wojcicki mentioned. “There is little question that the challenges confronted by 23andMe by way of an evolving enterprise mannequin have been actual, however my perception within the firm and its future is unwavering.”
