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Theranos To Shut Down Its Blood-Testing Facilities, Shrink Workforce By 40% (wsj.com)
tripleevenfall quotes a report from The Wall Street Journal: Theranos Inc. said it will shut down its blood-testing facilities and shrink its workforce by more than 40% (Warning: may be paywalled; alternate source). The company said it had 790 full-time employees as of August 1. The moves mark a dramatic retreat by the Palo Alto, Calif., company and founder Elizabeth Holmes from their core strategy of offering a long menu of low-price blood tests directly to consumers. Those ambitions already were endangered by crippling regulatory sanctions that followed revelations by The Wall Street Journal of shortcomings in Theranos's technology and operations. Theranos later voided all results from its proprietary device for 2014 and 2015, though the company said it wasn't aware of any patient harm resulting form its tests. Ms. Holmes said in a statement: "We will return our undivided attention to our miniLab platform. Our ultimate goal is to commercialize miniaturized, automated laboratories capable of small-volume sample testing, with an emphasis on vulnerable patient populations, including oncology, pediatrics, and intensive care."
Ms. Holmes said in a statement: "We will return our undivided attention to our miniLab platform. Our ultimate goal is to commercialize miniaturized, automated laboratories capable of small-volume sample testing, with an emphasis on vulnerable patient populations, including oncology, pediatrics, and intensive care."
What the fuck is Holmes still CEO? http://www.zerohedge.com/news/... http://www.vanityfair.com/news...
What the fuck is wrong with investors? Well like you and me we have no say what we "invest" in. Instead banks and insurance fund managers decide for us. It's not their money. They don't care. You probably have some of your savings indirectly invested in Teranos and don't even know it, and even if you do too much work to withdraw it and transfer it to an equally incompetent fund across the street. So this shit keeps happening.