What happened? DNA testing specialist 23andme has filed chapter 11 for bankruptcy protection for the facility of sales. Mark Jensen, chairman and member of the special committee of the board of directors, said that after intensive evaluation, it was decided that a court-pilot would be the best way to maximize the price of the process business.
23andme was founded in 2006 as a direct-consumer genetic testing specialist and became a publicly trading company in June 2021, trading under the ticker symbol “M”. At the time, co-founder and CEO Anne Wojikki said the company had more than 11 million users using genetics that they diagnosed, treated and prevented human disease to change the way they were used.
At its peak, the 23andme evaluation was at the top of $ 6 billion, but things would not run.
The company struggled to overcome a huge data violation started in April 2023 and lasting for five months. It was later revealed that hackers had access to about 5.5 million people who were using the facility of DNA relatives of the company. The exposed figures allegedly included name, birth year, descent reports and more. Another 1.4 million users allegedly exposed the family tree data in Brech, a 23andme representative told Techcrunch.
Consumers also have lost interest in the “at-Hom” DNA test, which see something as “another done” model that does not lend himself to repeat the business.
The company attempted restructuring, announcing plans at the end of last year, 40 percent of its workforce. The move was expected to save more than $ 35 million annually, with a one -12 million expense related to the serence package. It was probably very little, very late case.
The stock price in 23andme is pit, and currently sits below $ 0.92 per-$ 320 below.
The company also announced that Wojcicki is immediately resigned as CEO, is immediately effective, but will remain as a member of the board. The CFO which has been appointed as an interim Chief Executive, has been told.
Image Credit: National Cancer Institute
