23andMe Holding Co. filed bankruptcy after it was unable to find a buyer to rescue it from insolvency proceedings and the board of directors rejected a buyout offer from co-founder Anne Wojcicki.

The Silicon Valley-based firm will continue marketing itself to investors with the goal of getting at least one binding offer by May 7, according to court papers. That deadline was set by lenders, who are seeking court permission to loan 23andMe as much as US$35 million to fund its bankruptcy.