23andMe, the genetic testing and heritage company, has declared Chapter 11 bankruptcy and is pursuing a court-approved sale. The company's financial difficulties have mounted for years, leading to a board and CEO conflict; both have resigned. Notably, 15 million customers’ genetic data is at risk amid the sale process, raising concerns over privacy usage. Initially capitalizing on gene chip innovations to offer heritage analysis, the firm now faces fierce competition and a commodified market, diminishing its unique offering and appeal to potential industry partners.
On Sunday, the genetic testing and heritage company 23andMe announced that it had entered Chapter 11 bankruptcy and was asking a court to arrange its sale.
The company has been losing money for years, and a conflict between its board and CEO about future directions led to the entire board resigning back in September.
At stake is the fate of genetic data from the company's 15 million customers.
The company launched around the time that 'gene chips' first allowed people to broadly scan the human genome for sites where variations were common.
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