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Genetic testing firm 23andMe files for bankruptcy
Gene testing firm 23andMe said on Sunday it had filed for Chapter 11 bankruptcy protection in order to facilitate its sale, after years of struggling to find a sustainable business model.
Gene testing firm 23andMe said on Sunday it had filed for Chapter 11 bankruptcy protection in order to facilitate its sale, after years of struggling to find a sustainable business model. “After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” Mark Jensen, chair and member of the Special Committee of the board of directors, said in the statement. Its core product, an at-home DNA testing kit, offers “personalized genetic insights” that the company says can flag potential health risks such as one’s likelihood of developing Alzheimers or certain cancers.
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