Theranos Closes Blood-Testing Labs to Focus on New Product
- Holmes will stay on as CEO with ‘new executive team’
- Blood testing company will focus on next ‘miniLab’ product
Elizabeth Holmes.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Embattled startup Theranos Inc. will close its blood-testing labs and fire about 340 workers, shifting its focus to an experimental technology following months of run-ins with regulators and questions about whether its existing products work.
The Palo Alto, California-based company also has a new executive team who will work on obtaining regulatory approvals, partnerships and pursuing publications in scientific journals, Chief Executive Officer Elizabeth Holmes said in a statement posted Wednesday on the company’s website. Holmes will remain as CEO, said a representative for the company.