23andMe, genetic testing firm, files for bankruptcy

(CNN, KYMA/KECY) - Gene-testing firm 23andMe has filed for Chapter 11 bankruptcy protection.

In a statement announcing the bankruptcy, the board's chair said they'd determined a court-supervised sale process is the best path forward. The statement also said 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.

It's not yet known what will happen to all of the genetic data the company currently possesses if a sale is finalized.