Health
Genetic Testing Firm Invitae, Backed by SoftBank and Cathie Wood, Files for Chapter 11
- Company had been exploring options to address debt, raise cash
- Invitae has racked up big losses since pandemic-era run-up
Invitae Corp., a genetic-testing company with backers including SoftBank Group Corp. and Cathie Wood’s Ark Investment Management, has filed for bankruptcy as the DNA testing industry struggles to regain investor interest following a pandemic-era boom.
San Francisco-based Invitae filed for Chapter 11 protection in New Jersey and listed assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion on its bankruptcy petition.