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Genetic testing company 23AndME has filed for Chapter 11 bankruptcy protection to help the $50 million company sell, the company announced Sunday.
23andme's Saliva-based kit Since 2006, it has helped customers learn about their ancestors, and the company said it will continue to operate while the bankruptcy court promotes the sales process.
News of the move raised concerns about how personal data from millions of 23andME customers will be processed.
Published by California Attorney General Rob Bonta “Consumer Alerts” Regarding “a massive accumulation of 23AndMe of sensitive consumer data,” it reminds Californians that they have the right to delete genetic data, destroy test samples, and revoke permission for genetic data to be used in research.
“There will be no change in the way companies store, manage and secure customer data,” 23Andme said in a media release.
This is something no one planned after getting a DNA test.
Company representatives will showcase what is in the DNA kit at the 23andMe booth at the RowStech Annual Genealogical event held in Salt Lake City, Utah, USA on February 28, 2019. (George Frey/Reuters)
The company has been experiencing a stir in recent years. Last November, 23Andme said it had cut 40% of its employees, or more than 200 employees.
Co-founder and CEO Anne Wojcicki resigned after failing multiple purchase bids, Reuters reported. She said in x That she did that means “so I can be in the best position to pursue the company as an independent bidder.”
23andme reduces 40% of the workforce
Participants will purchase DNA kits at the 23andMe booth at the RootStech Annual Genealogical event held in Salt Lake City, Utah on February 28, 2019. (George Frey/Reuters)
Wojcicki will be temporarily replaced by CFO Joe Selsavage.
23Andme said it has secured its debtor (DIP) funding commitment for around $35 million and expected it to continue operating during the sales process. It did not say whether there would be any other buyout interest or offers.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| myself | 23Andme Holding Co | 1.79 | +0.03 |
+1.70% |
We listed both assets and estimated liabilities ranging from $100 million to $500 million.
A month before the restructuring, 23AndMe paid $30 million and agreed to provide three years of security surveillance, and settled a lawsuit accusing the 2023 data breaches of failing to protect the privacy of the 6.9 million customers whose personal information was released.
Participants will interact with the display at the 23andme booth at the Rowstech Annual Genealogical event held in Salt Lake City, Utah on February 28, 2019. (George Frey/Reuters)
“We would like to thank our employees for their dedication to 23andme's mission,” said Mark Jensen, chairman and member of the board's special committee. “As we move on with the process, we're committed to supporting them.”
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“In addition, as we continue to protect our customer data and are committed to being transparent about future user data management, data privacy is a key consideration in potential transactions,” he said.
Aislinn Murphy and Reuters from Fox Business contributed to this report.
