View of 23Andme headquarters in Sunnyvale, California, United States, March 25, 2025.
Tayfun coskun | Anadolu | Getty Images
23Andme The co -founder of Linda Avey on Wednesday to social media headed express frustration About the fate of a former genetics testing company that spiral to Chapter 11 bankruptcy protection This week.
Avena helped launch 23Andme in 2006, together with Paul Cusenz and Anne Wojcicki, who resigned as the executive director on Friday. The company has become mainstream thanks to its popular DNA testing kits at home, but in recent years has been struggling to achieve repeat revenues, serving sustainable therapeutic and research companies and privacy investments.
“My time at the company shortened in 2009, when my co -founder Anne convinced the committee that she should run the company,” Avey wrote in the post about X. “And I have to be honest, I was frustrated by the direction the company started after that moment.”
23Andme, which reached a top market border of about $ 6 billion, was worth about $ 14 million on Wednesday.
“Without the continued development of a product aimed at consumers and without management, 23Andme lost the way, and the company missed a key opportunity to improve the idea of personalized health,” Avey wrote.
Last March, independent Directors of 23Andme, formed a special Committee for Assessing the Potential Paths of the Company Forward. All seven members resigned from the Committee in September and said they did not agree with Wojcicki on the “strategic direction for the company”.
“After my departure, she is an architecture for a majority voice for herself who eliminated the Board of Committee, even as she spread in the following circles of financing,” Avey said. “For better or worse, the dollar stopped with her. It was not surprised when the committee resigned last year.”
Wojcicki submitted more proposals to take the company private itself, but all were rejected, even after the company was appointed New members of the Committee. Special Committee “unanimously determined to dismiss” the latest proposal to Wojcicki earlier This month.
If Court 23andme of Chapter approves the court, the company will “actively seek qualified offers” during the 45-day procedure. Wojcicki is still planning to continue the company as an independent bidder, she said in a post on Monday.
“There are a lot of caution buried in 23Andme’s story,” Avey said. “Directing the balance between desire to control the founder and the Committee’s control is necessary; otherwise, why do you have a board at all?”
23Andme did not immediately respond to the commentary request.
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