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takyon writes:

Theranos's troubles continue with the layoffs of about half its workforce:

Theranos is closing its labs and wellness centers, CEO Elizabeth Holmes announced today in a post on the company blog. And this isn't a temporary closure: the "approximately" 340 employees running them are out of a job. [...] The company pivoted away from working on its closely held "nanotainer" technology to a "miniLab" in August. The boxy device — unveiled at the American Association for Clinical Chemistry conference — collects small samples of blood and urine and then uploads them to a centralized system for further analysis. And it's a far cry from what the company, once valued at $9 billion, set out to do. According to several experts whom TechCrunch spoke to at the unveiling, it might not be very innovative, either. Although Theranos didn't want its new device referred to as a "lab on a chip," that's essentially what these experts said the miniLab was. And that has been done.

The new device hinges largely on FDA approval — something Holmes said she'd hoped to fast-track under the emergency use authorization (EUA) for Zika detectors. That plan didn't go so well, however. The FDA denied Theranos approval after finding the company failed to use proper patient safety protocols. [...] The news Theranos is shuttering its labs and wellness centers and laying off nearly half its workforce comes after a series of shocking revelations over the past year involving faulty test results and improperly trained workers. The company is now facing numerous lawsuits, was forced to shut down it's California lab facility, lost its main partner Walgreens and was subject to a Congressional inquiry. Finally in July regulators banned Holmes from stepping foot in her own labs.

Previously: Theranos Introduces New Product to Distract from Scandal

Original Submission

1. "takyon" - https://soylentnews.org/~takyon/
2. "the layoffs of about half its workforce" - https://techcrunch.com/2016/10/05/theranos-closes-its-labs-and-wellness-centers-lays-off-340/
3. "announced today in a post on the company blog" - https://news.theranos.com/2016/10/05/an-open-letter-elizabeth-holmes/
4. "American Association for Clinical Chemistry" - https://www.aacc.org/
5. "said" - https://techcrunch.com/2016/08/05/unpacking-theranoss-magic-zika-detection-box/
6. "has been done" - http://fluidicmems.com/list-of-microfluidics-lab-on-a-chip-and-biomems-companies/
7. "emergency use authorization (EUA)" - http://www.fda.gov/MedicalDevices/Safety/EmergencySituations/ucm161496.htm
8. "FDA denied" - https://techcrunch.com/2016/08/31/fda-finds-further-flaws-in-theranos-this-time-around-its-zika-tests/
9. "regulators banned Holmes" - https://techcrunch.com/2016/07/07/elizabeth-holmes-banned-from-blood-testing/
10. "Theranos Introduces New Product to Distract from Scandal" - https://soylentnews.org/article.pl?sid=16/08/03/1218251
11. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=16247

printed from SoylentNews, Theranos Lays Off 340, Closes Labs and "Wellness Centers" on 2024-04-20 12:45:00