India, March 25 -- 23andMe, a formerly high-flying genetic testing company, recently announced that it was declaring bankruptcy. The company said it would now be seeking a buyer. CEO and co-founder Anne Wojcicki is stepping down immediately, the company said, and will be replaced by Chief Financial and Accounting Officer Joe Selsavage as interim chief executive.

Back in November, 23andMe moved to slash 40% of its workforce as part of a restructuring plan. They took the step about two months after its entire board resigned.

"We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities," 2...