23andMe Elects To File Chapter 11 This Morning -- Will Reorganize And Recapitalize... So It Goes.

We have covered its twelve-year-long meteoric rise -- from a "go fast and break things" (without FDA approvals, no less!) DNA health information provider, to an ancestry resource, to a nascent drug discovery firm -- to a compounder of weight loss injections (called Lemonade). . . now, to the founder's departure (after the board resigned six months ago).

I do believe it has the ability to rise again, but we will see -- this is now a pretty deep hole it is in. Most of all, a lack of any real sustainable profit model -- for the business at base. Here's the UK Guardian on the latest:

. . .The US genetic testing company 23andMe has filed for bankruptcy protection in the US to help sell itself, as its chief executive quit to pursue a bid for the business after several unsuccessful attempts.

23andMe said late on Sunday that it had started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Eastern District of Missouri to “facilitate a sale process to maximise the value of its business”.

The loss-making company, which provides saliva-based test kits to customers to help them track their ancestry, added that it was operating as usual throughout the sale process. “There are no changes to the way the company stores, manages, or protects customer data,” it said.

The San Francisco-based company said its chief executive and co-founder Anne Wojcicki was stepping down. She has been pushing for a buyout since April last year but was rebuffed by 23andMe’s board. . . .

Onward -- to a gray but warming week ahead -- be excellent to one another.

While the Guardian is quoting UK authorities suggesting that users delete their data at 23andMe. . . I'll leave mine up there. I am not too concerned about that, these days -- given my great health and longevity. Grin. And so I say. . . let the life sciences advance, naturally. Smile.

नमस्ते