Sometimes you have to know when to “stay down.” Having been barred from owning or operating a lab for at least two years, Elizabeth Holmes, Theranos founder and CEO, said that:
…the company would be “shutting down and subsequently rebuilding the lab from the ground up, rebuilding quality systems, adding highly experienced leadership, personnel and experts, and implementing enhanced quality and training procedures.”
And it appears, as Reuters reports, that is what they are doing as desperate investors maintain the dream despite its total crushing by regulatory authorities and any reality checks…
Theranos Inc hired two executives to oversee regulatory, quality and compliance standards, in a bid to turn around the struggling blood-testing company after it received sanctions from U.S. regulators.
Dave Wurtz, who previously worked at Thermo Fisher Scientific, was appointed vice president, regulatory and quality. He will work on getting FDA clearances and approvals, marketing new products, and look into medical-device quality systems.
Daniel Guggenheim, who formerly served as assistant general counsel at McKesson Corp (MCK.N), will be chief compliance officer. He will make sure that Theranos complies with all state and federal regulations.
Theranos also said its septegenarian establishment board had also created a compliance and quality committee.
Will a fawning media and drooling celebrity base (that included the Clintons) jump back on the bandwagon hoping this former unicorn becomes a phoenix?
If this former-unicorn was a race-horse they would have already put a bolt through its head.
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