Genetic testing company 23andMe has filed for bankruptcy, marking a significant shift in the landscape of consumer genetics. The company, known for its at-home DNA testing kits, announced the decision on Monday (March 24). Alongside the bankruptcy filing, Anne Wojcicki, the company’s co-founder and CEO, has stepped down from her role.
The bankruptcy filing comes amid growing financial challenges for 23andMe, which has struggled to maintain profitability in a competitive market. The company, which once led the direct-to-consumer genetic testing industry, has faced increasing competition and regulatory hurdles in recent years.
Wojcicki’s departure marks the end of an era for 23andMe, which she helped establish in 2006. Under her leadership, the company became a household name, providing millions of customers with insights into their ancestry and health. Despite its early success, 23andMe has faced criticism over privacy concerns and the accuracy of its tests.
The company’s bankruptcy filing is expected to have ripple effects across the industry, potentially impacting other companies in the genetic testing space. As 23andMe navigates this challenging period, its future remains uncertain.
“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,” said Mark Jensen, Chair and member of the Special Committee of the Board of Directors.
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