SoftBank-Backed Genetic Test Firm Invitae Files Bankruptcy (1)

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.

The bankruptcy filing caps a relatively swift decline for Invitae, which saw its market capitalization soar to more than $10 billion during the Covid-19 pandemic. Despite the renewed investor interest, the ...