U.S. Bans Theranos CEO Elizabeth Holmes from Operating Labs for Two Years

arcticbull wrote: post #4

Hear that? That's the sound of $9B in valuation disappearing :| There is really a thin line between delusion and brilliance.

It's quite strange, how easy it is to build a valuation

Re: U.S. Bans Theranos CEO Elizabeth Holmes from Operating Labs for Two Years

#6

Post by gravypod » Fri, Jul 08, 2016, 5:49 AM UTC

I cant read this article. Can someone provide some backstory? What is Theranos? Why was it shut down?

Re: U.S. Bans Theranos CEO Elizabeth Holmes from Operating Labs for Two Years

#7

Post by joeyrideout » Fri, Jul 08, 2016, 5:49 AM UTC

Ouch. Sanctions mean "shutting down and subsequently rebuilding the Newark lab from the ground up, rebuilding quality systems, adding highly experienced leadership, personnel and experts, and implementing enhanced quality and training procedures". There is a chance to appeal, but "such appeals have rarely succeeded in the past". Couple that with an "unspecified monetary penalty" and this looks like a very big nail in the Theranos coffin.

Side note: Anyone else have trouble viewing the WSJ article? I had to read the full text through a private news outlet, even though I tried signing in to WSJ with Facebook :/

Edit: Added a sentence of detail to the last paragraph, for those who still can't see the article.

Re: U.S. Bans Theranos CEO Elizabeth Holmes from Operating Labs for Two Years

#8

Post by rgbrenner » Fri, Jul 08, 2016, 5:50 AM UTC

gravypod wrote: post #6

I cant read this article. Can someone provide some backstory? What is Theranos? Why was it shut down?

click web > go to article from google

Re: U.S. Bans Theranos CEO Elizabeth Holmes from Operating Labs for Two Years

#9

Post by fnbr » Fri, Jul 08, 2016, 5:50 AM UTC

I have no sympathy for her. It's incredibly irresponsible to do what she did- play marketing games with medical technology. Theranos' unethical behaviour has made it much more difficult for future innovation in the medical field, and has potentially cost lives. This sanction is appropriate.

My fiancee works as a laboratory scientist in a hospital conducting patient sample testing, and her and her co-workers take their work incredibly seriously- checking, and re-checking their work, with complex protocols to guarantee the accuracy of their testing. It's disappointing to see that same attitude lacking in Theranos.

Re: U.S. Bans Theranos CEO Elizabeth Holmes from Operating Labs for Two Years

#10

Post by mkagenius » Fri, Jul 08, 2016, 5:51 AM UTC

little more text than wsj (unsubscribed): http://medcitynews.com/2016/07/cms-fines-theranos/