Popular DNA test company 23andme has applied for bankruptcy after several failed takeovers from its CEO, which submits a request from the US bankruptcy court to sell its assets.
Chief Financial Officer Joe Sels drag will take over as an interim CEO of co-founder Anne Wojcicki, who resigned with the announcement after several failed attempts to buy the listed company.
In a statement, the company established in California said that it was planning to continue to work through the sale of assets and no changes would be made to how it stores, manages or protects its customer data.
“We are committed to continue to protect customer data and to be transparent about the management of user data in the future, and data privacy will be an important consideration in every possible transaction,” said 23andme chairman Mark Jensen.
On Friday, the Californian Attorney General Rob Bonta issued a consumer warning in which customers were advised to remove their genetic data on the website of 23andme, referring to the financial problems of the company as a continuous care.
“California has robust privacy laws that enable consumers to take control and ask a company to remove their genetic data,” said Mr. Bonta.
“In view of the reported financial need of 23andme, I remind Californians to consider calling up their rights and set up 23andme to remove their data and to destroy any samples of genetic material by the company.“
Customers have the option to delete their accounts, but the company can keep its genetic data for up to three years.
In 2018, pharmaceutical company GlaxosmithKline paid $ US300 million ($ 476 million) to gain access to the test results of 5 million 23andMe customers for the design of new medicines.
From today, 23andMe 15 partnerships has entered into with various pharmaceutical companies.
23andme was founded in 2006 as the first company that offers customers the opportunity to learn more about their origins through the use of saliva-based DNA test kits for home.
In November the company was around 40 percent of its workforce – around 200 employees – and stopped its therapeutic programs.
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