In Last-Ditch Effort To Avert Bankruptcy, Theranos Lays Off Most Of Remaining Workers
The latest round of layoffs is the company’s third since it was revealed in October 2015 that it was misleading investors and the public about the state of its technology.
The Wall Street Journal:
Theranos Lays Off Most Of Its Remaining Workforce
Blood-testing firm Theranos Inc. laid off most of its remaining workforce in a last-ditch effort to preserve cash and avert bankruptcy for a few more months, according to people familiar with the matter. Tuesday’s layoffs take the company’s head count from about 125 employees to two dozen or fewer, according to the people familiar with the matter. As recently as late 2015, Theranos had about 800 employees. (Carreyrou, 4/10)
In other health industry news —
The San Diego Union-Tribune:
Mega-Deals Drive Big Gains In Venture Capital Funding For San Diego Start-Ups
San Diego start-ups raised more money in the first quarter of 2018 than they did during the same quarter the prior year, led by a few large deals in the life sciences industry. That’s the good news. The bad news is fewer fledgling local companies managed to get funded – with one survey showing only 15 firms raising money in the first quarter compared with 34 firms for the same quarter a year ago. (Freeman, 4/11)