West Virginia (CNN)- Gene testing firm 23andMe has filed for Chapter 11 bankruptcy protection.
In a statement announcing the bankruptcy, the board’s chair said they’d determined that a court-supervised sale process would be the best path forward.
The statement added that its CEO, Anne Wojcicki, had resigned immediately.
The bankruptcy filing comes after 23andMe struggled for years to find a sustainable business model.
Its core product, an at-home DNA testing kit, offered “personalized genetic insights.”
The firm tried to convert one-time buyers into subscribers but reportedly fell far short of its goals.
What will happen to all of the genetic data 23andme currently possesses is not yet known if a sale is finalized.
Consumers are encouraged to delete their data and destroy any samples of genetic material the company holds.
