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View Full Version : Theranos Shutters Blood-Testing Facilities, Lays Off 40 Percent of Workforce



Banacek
10-07-2016, 12:32 PM
Theranos is shutting down its blood-testing facilities and laying off 40 percent of its workforce, the Wall Street Journal reported, marking another blow to founder and Hillary Clinton donor Elizabeth Holmes.

The news continues the downfall of the former Silicon Vally darling company that was valued at $9 billion in 2o14 thanks to its supposed breakthrough blood-testing technology, which allowed multiple tests to be conducted on just a few drops of blood. Holmes impressed investors with her pitch, raising hundreds of millions of dollars and attracting big names to her company’s board list.

However, an investigation by the Wall Street Journal revealed Theranos misled the public about the capabilities of its blood-testing technology, and it was only using its Edison device for a “small fraction” of the tests it was selling to consumers. In July, federal regulators banned Holmes from blood-testing for two years, a decision she appealed. A January letter from the Centers for Medicare and Medicaid Services stated that Theranos’ Newark, California facility posed jeopardy to patient safety

http://freebeacon.com/politics/theranos-shutters-blood-testing-facilities-lays-off-40-percent-of-workforce/