Theranos, a onetime star Silicon Valley startup focused on health technology, is closing its consumer blood-testing facilities amid its struggles with US regulators.
The company, which has been seeking to disrupt the medical testing sector with new technology, said the closings will mean cutting some 340 jobs.
"After many months spent assessing our strengths and addressing our weaknesses, we have moved to structure our company around the model best aligned with our core values and mission," company founder Elizabeth Holmes said in an open letter.
Theranos, which touts a new way of testing that uses far less blood and delivers faster results at much lower cost than traditional methods in US labs, has been under civil and criminal investigation over its claims.
Holmes said the company would focus on a so-called miniLab which can be commercialized with partners.
"Our ultimate goal is to commercialize miniaturized, automated laboratories capable of small-volume sample testing, with an emphasis on vulnerable patient populations, including oncology, pediatrics, and intensive care," Holmes said.
"We have a new executive team leading our work toward obtaining (US regulatory) clearances, building commercial partnerships, and pursuing publications in scientific journals."
Founded in 2003 by Holmes when she was only 19, the company had been seen as a rising star but came under scrutiny after The Wall Street Journal late last year published articles questioning the reliability of its technology.
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