Genetic testing company Invitae files for bankruptcy

Genetic testing company Invitae has filed for Chapter 11 bankruptcy, aiming to continue operations using existing cash and seeking to sell its business. The San Francisco-based company seeks approval to use cash on hand to fund the case and has listed assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion. The company had been working to improve cash flow but needs to address its debt position. After being publicly listed in 2015, the company’s stock price dropped sharply and will likely be delisted from the New York Stock Exchange. Despite being in the market since 2012, Invitae has not yet turned a profit.

Source link

error: Content is protected !!