23andmeA health and biotechnology company specializing in direct genetic tests to the consumer, has presented the protection of Chapter 11 and the CEOPULATOR and CEO Anne Wojcicki has resigned.
According to one Start -up of newsThe firm based on San Francisco voluntarily began the procedures of Chapter 11 Sunday night in the United States Failure Court of the Eastern Missouri District.
23andme will continue business operations after the submission of bankruptcy
The company will continue its business operations while searching for a new asset buyer.
“After a thorough evaluation of strategic alternatives, we have determined that a process of sale supervised by the courts is the best way to maximize the value of the business,” said Mark Jensen, chairman and member of the Special Board of Directors Committee, in a news statement.
“We hope that the supervised process of the courts will advance our efforts to meet the operational and financial challenges we face, including the reductions in subsequent costs and the resolution of legal and leased passives.”
Wojcicki will remain at 23andme board
If the court approves, 23andme will work with an independent investment banker to apply for qualified offers within 45 days. If multiple offers are received, the company will hold an auction to maximize the value, according to the statement.
The potential buyer must comply with applicable laws on sensitive information, including customer DNA and submit to necessary regulatory approvals.
The firm also announced that Wojcicki abandoned his role as CEO “effectively effective”, but will continue to serve 23andme at Board.
“I also have the accountability of the challenges we have today‘
On Monday, Wojcicki was responsible for the company’s recent struggles in the light of the Failure Presentation.
“We have had a lot of success, but I also have the responsibility of the challenges we have today,” he wrote in a publication in X, formerly Twitter. “There is no doubt that the challenges that face 23andme through an evolving business model have been real, but my belief in the company and its future is unmatched.”
“As I think of the future, I will continue to tirelessly defend customers to choose and transparency with respect to their personal data, regardless of the platform,) She added.
The special committee 23andme has published news today that indicates its plan to carry the company through the process of Chapter 11. Although I am disappointed that we have reached this conclusion and my offer has been rejected, I am a supporter of the company and I intend to be a bidder. I have …
– Anne Wojcicki (@Anwoj23) March 24, 2025
23andme was founded in 2006
Business Insider He reported that Wojcicki co -founded 23andme in 2006 after a Wall Street race. He married Google Sergey Brin’s co -founder in 2007, and the technology company invested millions in DNA testing. Wojcicki and Brin divorced in 2015.
23andme was released in June 2021 with a valuation of $ 6 billion. However, the company struggled to make a profit and faced challenges in progress. Wojcicki tried privatize The signature in July 2024 and again this month, but a special committee rejected the two proposals.
Joe Selsavage, director and accounting director, will be the new temporary CEO of the firm.
