Less than two years ago, Theranos was worth $9 billion and poised to go down in Silicon Valley history for its one-drop blood-testing technology. Now, the embattled company—which has been sued several times for allegedly making false and misleading claims—is set to hit the history books for altogether different reasons. In the latest bit of bad news, Theranos is letting go of 155 more employees, a reported 41% of its remaining workforce, after a 340-person layoff last October.
Theranos is calling the layoffs a “re-engineering,” saying 220 employees are staying on to develop the miniLab, a new platform the company is developing to reportedly test for diseases such as Zika. The device has been met with skepticism from many, and it remains to be seen whether the miniLab will be approved by the FDA.
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Article by PitchBook