Theranos cuts 41% of workforce

PALO ALTO, Calif. — Theranos Friday announced it will cut 155 jobs, or 41% of its workforce, leaving the company with 220 employees.

According to Palo Alto-based Theranos, further re-engineering of the company’s operations are needed as it works towards commercialization of its miniLab testing platform and its related technologies.

“These are always the most difficult decisions; however, this move allows Theranos to marshal its resources most efficiently and effectively,” Theranos stated on its website. “The restructuring follows a period of significant change at the company that has included the building out of its executive team with substantial additional regulatory, compliance and operational expertise.”

As Drugstorenews.com has reported, Walgreens sued Theranos for $140 million on Nov. 9, following the drug store retailer terminating its relationship with the California company and closing operations at all 40 Theranos Wellness Centers at its stores in June.

It is uncertain if the job cuts are in any way related to the pending lawsuit.