MedTech Dive February 14, 2024
The genetic testing company hopes to keep its employees on payroll as it works through a court-overseen sale.
Dive Brief:
- Invitae filed for Chapter 11 protection late Tuesday, intended to keep the genetic testing firm running as it pays down debt.
- The San Francisco-based company had about $535 million in assets and about $1.62 billion in debts as of Sept. 30, according to a filing with the U.S. Bankruptcy Court for the District of New Jersey.
- Invitae is asking for approval to keep paying its approximately 1,235 employees as it goes through the bankruptcy process, according to a court filing.
Dive Insight:
Invitae had taken several steps to pare down expenses before filing for bankruptcy. The company sold...
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