Anne Wojcicki, co -founder and executive director of 23Andme Inc., during the South By Southwest (SXSW) festival in Austin, Texas, USA, on Friday, March 10, 2023.
Jordan Vonderhaar | Bloomberg | Getty images
Genetic Test Company 23 andOnce valued at $ 6 billion, it was presented to the bankruptcy protection of Chapter 11 in the Federal Court of Missouri on Sunday night.
The company's CEO, Anne Wojcicki, resigned from her role as an executive director with immediate effect immediately, although she will continue to be a member of the Board. Joseph Selsavage, Financial and Accounting Director of 23 Andme, will serve as an interim CEO, according to a presentation before the United States Stock Exchange and Securities Commission.
“We have had many successes, but also assumed the responsibility of the challenges we have today,” Wojcicki wrote in an X publication at dawn on Monday. “There is no doubt that the challenges that face me through an evolutionary business model have been real, but my belief in the company and its future is unwavering.”
23 And me declined to comment on the presentation.
The former billionaire co -founded 23Andme in 2006, and the company shot in the mainstream due to its DNA test kits that gave customers an idea of their family stories and genetic profiles. The five times CNBC Disruptor 50 Company was made public in 2021 through a merger with a special purpose acquisition company, which valued 23andme in around $ 3.5 billion at that time.
The 23Andme actions have been mainly in the free fall in recent years, since the company fought to generate recurrent income and defend viable research and therapeutic companies. As of Monday, the company has a market capitalization of less than $ 20 million.
Last March, the independent directors of 23Andme formed a special committee to evaluate the company's potential routes. Wojcicki presented multiple proposals to take the company in private, but they were all rejected. The special committee “unanimously determined to reject” the most recent proposal of Wojcicki earlier this month.
If the court approves the 23nd me to sell its assets through a chapter 11 plan, the company “will actively request qualified offers” in a 45 -day process. Wojcicki plans to follow the company as an independent bid, said in his position on Monday.
23Andme has between $ 100 million and $ 500 million in estimated assets, as well as between $ 100 million and $ 500 million in estimated liabilities, according to bankruptcy.
Beyond their financial problems, privacy concerns around the 23Andme genetic database have revolved in recent years. In October 2023, computer pirates accessed the information of almost 7 million customers.
California Attorney General, Rob Bonta, issued a consumer alert on Friday that urged residents to consider eliminating their genetic data from the 23Andme website.
23Andme said there will be no changes in the way it stores, protects or manages customer data through the sales process, and will continue to operate businesses as usual.
“While I think about the future, I will continue to advocate tirelessly that customers have options and transparency with respect to their personal data, regardless of the platform,” said Wojcicki.
Look: the promotion and fall of 23Andme
