Theranos CEO: We're Working to Address Problems

Health CareReuters

The chief executive of embattled blood testing company Theranos Inc on Monday said the privately held firm is working diligently to rectify all of its outstanding issues involving its product and laboratory operations.

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Speaking before some 1,000 scientists at the American Association for Clinical Chemistry meeting in Philadelphia, Theranos CEO Elizabeth Holmes described new products that she said are "distinct from the operations of our clinical laboratories" that have come under scrutiny.

Prior to introducing Holmes, association president Patricia Jones said the organization does not endorse Theranos. "We're all aware that there have been some suggestions about whether we'll see some science today and the viability of Theranos technology," Jones said.

The company, once valued at $9 billion, was founded by Holmes in 2003 to develop an innovative blood testing device that would give quicker results using just one drop of blood.

It ran into trouble after the Wall Street Journal published a series of articles beginning last October suggesting the devices were flawed and inaccurate.

Holmes last month was barred by U.S. regulators from owning or operating a lab for at least two years and, in a crushing blow, the Centers for Medicare & Medicaid Services revoked a key certificate for its California lab and terminated the facility's approval to receive government payments.

Walgreens Boots Alliance  terminated its relationship with the company in June and closed operations at all 40 Theranos Wellness Centers at its drug stores in Arizona.

(Reporting by Suzanne Barlyn and Bill Berkrot; Editing by Sandra Maler)