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U.S. regulators have banned Theranos CEO Elizabeth Holmes from owning or operating a medical lab

The CEO of the embattled blood testing startup has been banned for at least two years, reports the Wall Street Journal. Theranos has also had regulatory approval for its California lab rescinded and the sanctions include an unspecified monetary penalty. In a press release put out by the company Holmes said:

“We accept full responsibility for the issues at our laboratory in Newark, California, and have already worked to undertake comprehensive remedial actions. Those actions include shutting down and subsequently rebuilding the Newark lab from the ground up, rebuilding quality systems, adding highly experienced leadership, personnel and experts, and implementing enhanced quality and training procedures. While we are disappointed by CMS’ decision, we take these matters very seriously and are committed to fully resolving all outstanding issues with CMS and to demonstrating our dedication to the highest standards of quality and compliance.”

[Photo: Theranos]MG