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'''Theranos'''
▲Theranos developed a [[blood-testing]] device named Edison. The company said the device uses a few drops of blood obtained via a [[finger stick|finger-stick]], rather than vials of blood obtained via traditional [[venipuncture]],<ref name="online">{{Cite news|url=http://online.wsj.com/news/articles/SB10001424127887324123004579055003869574012/|title= Elizabeth Holmes: The Breakthrough of Instant Diagnosis|accessdate=2013-09-16 | work= [[Wall Street Journal]] | first=Joseph|last=Rago|date=2013-09-08}}</ref> utilizing [[microfluidics]] technology.<ref>{{cite news|url=http://singularityhub.com/2013/11/18/small-fast-and-cheap-theranos-is-the-poster-child-of-med-tech-and-its-in-walgreens/|title=Small, fast and cheap, Theranos is the poster child of med tech — and it's in Walgreen's|last=Scott|first=Cameron|date=8 November 2013|work=[[Singularity University#Singularity HUB|Singularity Hub]]|accessdate=9 March 2014}}</ref> By the summer of 2014, its founders had raised over $400 million from investors, valuing the company at $9 billion.<ref>{{Cite news|title = This CEO is out for blood|url = http://fortune.com/2014/06/12/theranos-blood-holmes/|newspaper = [[Fortune (magazine)|Fortune]]|date = 2014-06-12|access-date = 2016-04-17|first = Roger|last = Parloff}}</ref><ref>{{Cite news|title = The wildly hyped $9 billion blood test company that no one really understands|url = http://www.washingtonpost.com/news/wonkblog/wp/2015/10/15/the-wildly-hyped-9-billion-blood-test-company-that-no-one-really-understands/|newspaper = [[The Washington Post]]|date = 2015-10-15|access-date = 2015-10-29|issn = 0190-8286|first = Carolyn Y.|last = Johnson}}</ref>
In 2015, Theranos received negative news coverage due to concerns about the effectiveness of its technologies. The company's net worth is estimated to be $800 million as of June 2016.<ref>{{Cite web|url=http://www.forbes.com/sites/matthewherper/2016/06/01/from-4-5-billion-to-nothing-forbes-revises-estimated-net-worth-of-theranos-founder-elizabeth-holmes|title=From $4.5 Billion To Nothing: Forbes Revises Estimated Net Worth Of Theranos Founder Elizabeth Holmes|last=Herper|first=Matthew|date=2016-06-01|website=|publisher=Forbes|access-date=2016-07-17}}</ref> In July 2016, Theranos received sanctions from the [[Centers for Medicare & Medicaid Services]] (CMS) including the revocation of its [[Clinical Laboratory Improvement Amendments|CLIA]] certificate and prohibition of the owners and operators from owning or operating a lab for two years.<ref>{{Cite news|url=http://www.wsj.com/articles/u-s-regulator-bans-theranos-ceo-elizabeth-holmes-from-operating-labs-for-two-years-1467956064|title=Theranos Dealt Sharp Blow as Elizabeth Holmes Is Banned From Operating Labs|last=Carreyrou|first=John|date=2016-07-08|last2=Siconolfi|first2=Michael|newspaper=[[Wall Street Journal]]|issn=0099-9660|last3=Weaver|first3=Christopher|access-date=2016-07-09}}</ref> Theranos announced that it would close its laboratory operations and wellness centers to work on miniature medical testing machines in October 2016.<ref>{{cite news|title=Theranos to Close Labs and Lay Off 340 Workers|url=http://www.nytimes.com/2016/10/06/business/theranos-to-close-labs-and-lay-off-340-workers.html|publisher=New York Times|accessdate=5 October 2016}}</ref>
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On August 25, 2016, Theranos announced its plan to appeal the decision by regulators to revoke its license to operate a lab in California, among other penalties, because of unsafe practices. <ref>[http://www.wsj.com/articles/theranos-to-appeal-regulatory-sanctions-1472192782 "Theranos to Appeal Regulatory Sanctions"] ''Wall Street Journal'',Retrieved 26 August 2016.</ref> On August 31, 2016, Theranos withdrew its [[Zika virus]] test due to a finding by federal inspectors of a lack of essential safeguards during the testing process.<ref>{{cite news|title=Troubled Theranos hits another wall as Zika test withdrawn|url=https://www.washingtonpost.com/news/wonk/wp/2016/08/31/theranos-zika-test-withdrawn-after-regulators-flag-problems/|publisher=Washington Post|accessdate=31 August 2016}}</ref> On October 5, 2016, Theranos announced that it would close its laboratory operations, shutter its wellness centers and lay off around 40 percent of its work force, while henceforth focusing on an initiative to create miniature medical testing machines.<ref>{{cite news|title=Theranos to Close Labs and Lay Off 340 Workers|url=http://www.nytimes.com/2016/10/06/business/theranos-to-close-labs-and-lay-off-340-workers.html|publisher=New York Times|accessdate=5 October 2016}}</ref><ref>{{cite news|title=An Open Letter From Elizabeth Holmes|url=https://news.theranos.com/2016/10/05/an-open-letter-elizabeth-holmes/|accessdate=6 October 2016|work=Theranos Newsroom|date=5 October 2016}}</ref>
Theranos is under criminal investigation by federal prosecutors and the [[Securities and Exchange Commission]] for allegedly misleading investors and government officials about its technology.<ref>{{cite web|url=http://www.nytimes.com/2016/04/27/opinion/dont-blame-silicon-valley-for-theranos.html|title=Don’t Blame Silicon Valley for Theranos|date=27 April 2016|work=The New York Times|accessdate=1 June 2016}}</ref> The case is considered "extremely unusual" by a former assistant U.S. attorney for the Justice Department.<ref>{{cite web | url=http://www.sfchronicle.com/business/article/Federal-criminal-probe-of-Theranos-rings-hollow-7463023.php | title=Federal criminal probe of Theranos rings hollow | publisher=San Francisco Chronicle | date=11 May 2016 | accessdate=23 October 2016 | author=Lee, Thomas}}</ref> The U.S. House of Representatives Committee on Energy and Commerce requested information on what Theranos was doing to correct its testing inaccuracies and adherence to federal guidelines.<ref>{{Cite web|url=http://www.healthcarefinancenews.com/news/theranos-founder-elizabeth-holmes-asked-congressional-committee-detail-companys-compliance|title=Theranos founder Elizabeth Holmes asked by Congressional committee to detail company's compliance efforts|last=Lagasse|first=Jeff|date=2016-07-01|website=Healthcare Finance News|access-date=2016-07-02}}</ref><ref>{{cite web|url=http://www.bloomberg.com/news/articles/2016-07-01/theranos-queried-on-blood-test-failures-by-house-democrats|title=Theranos Queried on Blood Test Failures by House Democrats|first=Zachary |last=Tracer|publisher=|accessdate=5 July 2016}}</ref>
== See also ==
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