In a plot twist, 23andMe’s board of directors has put the kibosh on CEO Anne Wojcicki’s attempt to take the company private. The DNA testing firm’s leadership apparently isn’t ready to spit into Wojcicki’s proverbial test tube just yet. .

This article originally appeared in BIOPHARMA DRIVE by Elise Reuter.

A special committee of 23andMe’s board of directors has rejected a proposal from CEO Anne Wojcicki to take the company private, citing concerns over the lack of a premium to the stock price and insufficient financing. The committee, responsible for evaluating strategic options for the DNA testing company, expressed disappointment with Wojcicki’s offer.

Wojcicki initially announced plans to take 23andMe private in April. Despite months of discussions, the committee expected a more concrete proposal that would be in the best interests of shareholders. They have granted Wojcicki additional time to present a revised offer with fully committed financing, including equity commitment letters.

Meanwhile, the committee will collaborate with a consultant to develop a revised business plan aimed at achieving a sustainable financial profile and profitability for 23andMe.

Wojcicki’s preliminary indication of interest was filed last week, with 23andMe announcing the proposal on Thursday.

Head over to BIOPHARMA DRIVE to read more of the available details on this news.