The company said it is evaluating strategic alternatives, including licensing agreements and asset sales, for its therapies in development.

The genetic testing company 23andMe is cutting 40% of its workforce and ending its therapeutics program as its stock price continues to plummet. CBS News correspondent Carter Evans has more on what this means for its customers.

Me is laying off 40% of its workforce, or more than 200 employees, and discontinuing its therapeutics division as the struggling genetic testing company attempts to slash costs.

More than 200 employees of 23andMe are being laid off as part of the company’s ongoing cost-cutting measures. The layoffs will impact 40 percent of the genetic testing company’s workforce. 23andMe CEO and co-founder Anne Wojcicki said in a statement released on Monday that the staff reduction would save the beleaguered company more than $35 million.

The genetic testing company 23andMe announced it was laying off more than 200 employees, or roughly 40% of its entire workforce, according to a press release Monday. The move is part of a restructuring that will see the company also halt the development of its therapeutics division which had been working on various potential medical treatments.

The DNA testing kit company is also discontinuing new developments to its therapeutics program, which has been focused on using customers’ DNA data to aid in drug discovery.

Me announced on Monday it would cut 40% of its workforce, representing more than 200 employees, as part of a restructuring at the company. “We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships,