Theranos is back in the news again. The Wall Street Journal reported earlier this month that the troubled lab company is close to negotiating a settlement with Walgreens after being sued for $140 million in a breach of contract lawsuit filed by the national pharmacy chain. According to the journal, the settlement amount may be as little as $30 million.
MORE ON: Theranos
In its reporting on Theranos, the journal estimated that Theranos probably has cash reserves of about $54 million, before paying a $30 million settlement to Walgreens. The journal also said that Theranos has shrunk from 900 employees to 170 and is spending about $10 million per month, the greatest amount of that for legal fees.
SINGULEX HEADS TO TEXAS
On June 14, Singulex, Inc., of Alameda, Calif., announced that it was relocating its Veridia Diagnostics clinical lab facility to Round Rock, Texas, just north of Austin. The new facility will be 36,000 sq. ft. and will employ about 100 people. Because of this relocation, Singulex’s Medicare administrative contractor (MAC) will change from Noridian (responsible for Calif.) to Novitas (responsible for Texas).
• The College of American Pathologists announced the appointment of Stephen Meyers as its new CEO. Prior to joining CAP in 2003, Meyers worked at Bell & Howell Company, PwC, and McDonalds.
• John David Nolen, MD, is joining the Department of Pathology at Children’s Mercy Hospital in Kansas City, Mo. Previously, Nolan served at Cerner Corporation, CSI Laboratories, and LifeSouth Community Blood Centers.
• Effective June 30, Francisco R. Velázquez, MD, SM, is resigning his position as President and CEO of PAML in Spokane, Wash. Prior to PAML he held executive positions at Quest Diagnostics (Nichols Institute and Focus Diagnostics), University of Texas Southwestern Medical Center, Detroit Medical Center, Boston Medical Center, Boston City Hospital, and Kaleida Health.
• Michael Grilliot is now Director of Hospital Sales for the Cleveland Clinic Laboratories. He formerly worked at the College of American Pathologists.
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…a study published in Nature by researchers at the Princess Margaret Cancer Centre in Canada showing that mutations in three genes (BRCA1, BRCA2, and ATM serine/threonine kinase) were associated with aggressive forms of prostate cancer.
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Look for the next briefing on Monday, July 17, 2017.