23andMe files for bankruptcy

(CNN)– Gene testing firm 23andMe has filed for chapter 11 bankruptcy protection.

In a statement announcing the bankruptcy, the board’s chair said they had determined a court-supervised sale process is the best path forward.

The statement added that its CEO had resigned effective immediately.

The bankruptcy filing comes after 23andMe struggled for years to find a sustainable business model.

Its core product, an at-home DNA testing kit offered “personalized genetic insights.”

23andMe tried to convert one-time buyers into subscribers, but reportedly fell far short of its goals.