(Reuters) – Genetic testing firm 23andMe filed for Chapter 11 bankruptcy in the U.S. on Sunday and said it was looking to sell itself.
23andMe said its CEO Anne Wojcicki, whose previous bids to buy the company were rejected by its board, was resigning from her role and will be replaced by CFO Joe Selsavage on an interim basis.
The company added it has secured a debtor-in-possession (DIP) financing commitment for about $35 million and expects to continue operating during the sale process.
“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,” Board Chair Mark Jensen said.
The company listed both estimated assets and estimated liabilities in a range of $100 million to $500 million in the court filing.
Shares of the company are down nearly 50% this year.
(Reporting by Anusha Shah in Bengaluru; Editing by Mrigank Dhaniwala)
