23andMe Seeking To Find Buyer After Filing Bankruptcy

23andMe was tasked to provide people with information on their ancestry and genetic health profile.

A formerly successful genetic testing company has filed for bankruptcy with plans to seek a buyer.

In November, 23andMe was forced to cut 40% of its workforce as part of a reconstructing plan that came nearly two months after its entire board resigned.

Now, CEO and co-founder Anne Wojcicki is resigning immediately. Chief Financial and Accounting Officer Joe Selsavage has been tapped as interim chief executive.

23andMe was tasked to provide people with information on their ancestry and genetic health profile.

“We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities,” Chair Mark Jensen said.

In filing for bankruptcy protection, the company said there will be no changes to how it manages and protects people’s data.