Fierce Biotech February 14, 2024
The rumors are true: A week after reports first surfaced that Invitae was on the brink of filing for bankruptcy, the genetic testing company has done exactly that.
In a release it put out late Tuesday night, Invitae said it had filed for Chapter 11 bankruptcy to protect the business as it pursues “an efficient and value-maximizing sale process.” The company said it plans to continue operating as usual despite the bankruptcy declaration and throughout the sale.
“We have been working diligently over the past eighteen months to improve our cash position by realigning our portfolio and focusing on our most impactful business lines,” CEO Ken Knight said in the release. “These strategic initiatives have accelerated our path to positive...
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