Once-hyped genetic start-up issues latest guidance after reporting further quarterly revenue declines
Genetics-testing company 23andMe has warned there is “substantial doubt” over its continued survival unless it raises new funds, as the once much-hyped Silicon Valley group reported new declines in revenues. The California-based group’s chief financial officer Joe Selsavage said on Tuesday that it “will need additional liquidity to fund its necessary expenditures and financial commitments” for the next year.
The restructuring will also halt all efforts to develop new medicines — ending founder and chief executive Anne Wojcicki’s long-held ambition to turn 23andMe into a drug development company in its own right. The company will instead focus exclusively on selling genetic tests to consumers and marketing the resulting data to external drug developers. “Becoming more sustainable has been a top priority,” Wojcicki said in a call with shareholders on Tuesday.
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