The feds finally lowered the boom on Theranos.
The blood-testing company last night announced that the Centers for Medicare & Medicaid Services had revoked its license to operate its Newark, California lab and barred founder and CEO Elizabeth Holmes from owning, operating or directing a lab for two years. CMS also cancelled the Newark lab’s approval to receive payments from Medicare and Medicaid.
The harsh, even crippling federal sanctions resulted from an inspection of the lab last November. That inspection found numerous deficiencies in the lab’s operations, including problems with a blood-clotting test that were potentially life-threatening.
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