23andMe Files for Chapter 11 Bankruptcy as CEO Anne Wojcicki Resigns to Bid on Company
DNA testing firm 23andMe has filed for Chapter 11 bankruptcy to sell its assets.
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23andMe Files for Chapter 11 Bankruptcy as CEO Anne Wojcicki Resigns to Bid on Company
Genetics testing company 23andMe has filed for Chapter 11 bankruptcy protection in the U.S. to initiate the sale of its assets. Alongside the announcement, the company’s co-founder and CEO, Anne Wojcicki, separately said she is leaving to become an independent bidder for 23andMe. Image:Justin Sullivan / Getty Images “After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” Mark Jensen, chair and member of the Special Committee of the Board of Directors, said in a statement. “We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities. We believe in the value of our people and our assets and hope that this process allows our mission of helping people access, understand, and benefit from the human genome to live on for the…
