the Genetic testing company 23andMe is in trouble said it would cut 40% of its workforce, equivalent to 200 jobs, to fight for survival.
The once-popular DNA testing site will also shut down therapies it is developing.
Last year, the company said hackers had found a way get access personal information of millions of users.
23andMe’s stock price has fallen more than 70% this year as co-founder and chief executive officer Anne Wojcicki tries to revive the business.
The company said it expected to incur one-time costs of $12 million (£9.3 million), including severance pay, for the plan and result in savings of 35 million USD.
“We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships,” said Ms. Wojcicki. we”.
The company also said it is considering what to do with the therapies it is developing, including licensing or selling them.
23andMe is a giant in the growing ancestry tracing industry. It offers DNA-based genetic testing, ancestry analysis, and personalized health insights.
In December last year, 23andMe confirmed that hackers had accessed the details of about 6.9 million users.
The company said in some cases this includes family trees, year of birth and geographic location. However, the stolen data did not include DNA profiles.
Its clients include famous names, from rapper Snoop Dogg to multi-billionaire investor Warren Buffett.
