The struggling genetic testing company 23andMe says it will cut 40% of its workforce, or 200 jobs, as it fights for survival.The once-popular DNA-testing site will also halt work on therapies it was developing.

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 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.

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.

Me is laying off 40% of its workforce right before the holiday season - The restructuring arrives during a period of turmoil at California-based 23andMe, which has recently included a high-profile data breach,