23andMe is shedding 40 p.c of its workforce, or greater than 200 staff, as the corporate tries to recuperate from final yr's huge information breach and reverse its declining inventory value. The genetic testing firm additionally introduced it will shut down its remedy enterprise.
Though 23andMe says the restructuring plan will value it round $12 million, it expects to save lots of greater than $35 million consequently, whereas “considerably” decreasing working bills. 23andMe's therapeutics division, which has studied potential most cancers therapies utilizing its database of genetic materials, will finish all medical trials as the corporate considers licensing offers or asset gross sales to “maximize” this system's worth.
“We’re taking these troublesome however obligatory actions as we restructure 23andMe and deal with the long-term success of our core client analysis partnerships,” Wojcicki mentioned in an announcement.