23andMe is ending its cancer research program and slashing over 200 jobs
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23andMe is laying off 40 percent of its employees, or over 200 workers, as the company attempts to recover from last year’s massive data breach and reverse its plummeting stock price. The genetic testing company also announced that it will shut down its therapeutics business.
Though 23andMe says the restructuring plan will cost it around $12 million, it expects to save more than $35 million as a result, while “substantially” lowering operating expenses. 23andMe’s therapeutics division, which studied potential cancer treatments using its database of genetic material, will end all clinical trials, as the company considers licensing agreements or asset sales to “maximize” the program’s value.
23andMe has had a turbulent past year, with the…