The DNA testing company, 23andMe, has taken a step to file for Chapter 11 bankruptcy protection as a way to facilitate its sale due to ongoing financial challenges. Anne Wojcicki, the CEO and co-founder of 23andMe, has announced her resignation to independently bid for the company’s acquisition. In her place, Joe Selsavage, the chief financial and accounting officer, will serve as the interim CEO.

Mark Jensen, the chair and member of the Special Committee of the Board of Directors, stated that after assessing various options, they concluded that a court-controlled sale process would be the most effective approach to enhance the company’s value. This strategic move aims to address operational and financial issues by implementing cost-saving measures and resolving legal and lease-related obligations.

Despite the bankruptcy filing, 23andMe reassures its customers that the company will continue its operations throughout the process, ensuring that access to data and subscriptions will remain unaffected.

“We have had many successes but I equally take accountability for the challenges we have today,” Wojcicki said. “There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”