23andMe Holding Co. is a biotechnology company that specializes in personal genomics and biotechnology research
It offers direct-to-consumer genetic testing services, allowing individuals to explore their ancestry, health risks, and genetic traits through easy-to-use saliva collection kits. The company aims to empower people with insights into their genetic information and provide valuable resources for health-related decision-making. Additionally, 23andMe is involved in pharmaceutical research, leveraging its vast genetic database to facilitate drug discovery and development through collaborations with various biopharmaceutical companies.
Stocktwits users spotted a media report about Richard Magides, the director of Singapore-based Zentree Investment and 23andMe's second-largest shareholder, expressing interest in backing a rescue effort.
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23andMe files for Chapter 11 bankruptcy, raising concerns about genetic data security as legal challenges emerge over a $30 million data breach settlement.
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Shares of 23andMe are falling in premarket trading after the company filed for Chapter 11 bankruptcy to initiate a court-supervised sale process aimed at maximizing business value.
