Human Genetics and Biotechnology Company 23Andme submitted the procedures for Chapter 11 US Bankruptcy Court for Eastern Missouri To facilitate the sales process.
The company intends to continue its business through the sales process and will not be changed in the way the company stores, manages and protects customer data.
Anne Wojcicki has stepped down from his role as CEO, with Chief Financial and Accounting Director Joe Selsavage being appointed interim CEO by the board. Wojcicki will continue to serve as a board member.
“After a thorough evaluation of the strategic alternative, we have determined that the court’s teacherized sales process is the best way to maximize the value of the business,” said Mark Jensen, chairman and member of the board’s special committee, in a statement.
The initiation of bankruptcy proceedings comes in the wake of a refusal by a special committee of the final non-retaining acquisition proposal held by Wojcicki and her affiliates on March 10, 2005.
in LinkedIn PostWojcicki said, “While we have come to this conclusion and I am disappointed that my bid has been rejected, I will support the company and become a bidder. I have resigned as the CEO of the company, so I can be in the best position to pursue the company as an independent bidder.”
“When I co-founded 23andme 19 years ago, there was no direct consumer industry and most people didn’t know why they wanted to see their genome. Many have changed. They are currently thriving directly in the consumer industry, with over 15 million customers now being 23andme customers.”
Bigger trends
Following the announcement of bankruptcy, California Attorney General Published by Rob Bonta Consumer Alerts.
“California has a robust privacy law that allows consumers to take control and require companies to delete genetic data,” Attorney General Bonta said in a statement.
“Given the financial distress reported by 23Andme, it reminds us to consider calling Californians their rights and instructing 23andMe to delete the data and destroy samples of genetic material held by the company.”
23Andme was made public in 2021 through a Special Purpose Acquisition Company (SPAC) backed by Richard Branson. The stock [NASDAQ: ME] It reached a high of $320.80 per share in 2021, and is currently trading at $0.90 per share.
2022, Biotech Company GSK has expanded its drug discovery partnership with 23andMe, which continued until July 2023. The collaboration began in 2018 when GSK provided $300 million to 23andMe.
That same year, 23andMe earned a clearance of FDA 510(k) Tests to detect hereditary markers of prostate cancer. The risk report provides information on whether users have a G84E mutation in the HOXB13 gene. the study I showed the can Increases risk to people Onset of prostate cancer.
In 2019, Erin Trimple from 23andme sat himsstv To discuss how the company is shaping new trends in personalized care, how to use genetic information to improve health, and the importance of talking to primary care providers about genetics with patients.
