For readers with a continuing interest in Theranos, the latest development at the troubled lab testing company involves an offer by Founder and CEO, Elizabeth Holmes, to its current shareholders. Various news outlets report that, for existing shareholders who agree not to sue Theranos, Holmes would give them two shares she currently owns for each of their shares. It is believed that such an action would dilute her ownership from majority control to minority control.
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Separately, Vanity Fair recently published an interview with Academy Award-winning writer-director Adam McKay. He is working to film a movie about Theranos. He told Vanity Fair that Wall Street Journal reporter John Carreyrou is writing a book about Theranos and Elizabeth Holmes and has sent him some of the early chapters. It was Carreyrou’s reporting about Theranos that exposed the multiple issues and problems within the company that had been carefully hidden from the press and the American public.
ILLUMINA PURSUES $100 GENOME
In recent months, Illumina’s CEO Francis deSouza has appeared at various meetings and conferences to show the next generation of his company’s gene sequencing machines. The new design has a lower price than previous generations. It comes in two models: the NovaSeq 5000 for $850,000 and the NovaSeq 6000 for $985,000. De Souza predicts that, with further development, the ability to do a whole human genome sequence for $100 is coming ever closer to reality.
• Viewics of Sunnyvale, Calif., announced the appointment of Keith Laughman as its new CEO. Laughman has held executive positions with TRG Healthcare LLC, Sunquest Information Systems, Med-fusion, AmeriPath, and Mayo Medical Laboratories.
• Gary Huff was promoted to CEO of LabCorp Diagnostics, a division of Laboratory Corporation of America. Huff previously worked at Baylor Miraca Genetics Laboratories, Solstas Lab Partners, Affinity Healthcare Solutions International, and LabCorp (1995- 2007).
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…a new bill in the House (HR1313), titled “Preserving Employee Wellness Programs Act.” One section of the bill would allow an employer to have access to the genetic data of its employees under certain circumstances.
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That’s all the insider intelligence for this report.
Look for the next briefing on Monday, April 24, 2017.