Theranos, the embattled blood testing startup, has been dealt a major blow.
On Thursday evening, the company announced that it has received a notice from the Centers for Medicare and Medicaid Services (CMS), revoking its regulatory approval to operate and banning founder and CEO Elizabeth Holmes from running another lab for at least two years.
Among the sanctions are a monetary fine of an undisclosed amount and cancellation of the lab’s approval to receive Medicare and Medicaid payments for its services. The CMS’s decision is a result of its inspection of Theranos’s lab in Newark, Calif. last year, the company said in a press release.
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