Theranos lays off 40% of workforce in lab closures

US-based blood-testing firm Theranos is to close its testing labs in a move which will see 340 employees, or around 40% of its workforce, losing their jobs.

The company is making a move towards its miniLab medical data processing product, after being grilled by regulators about the validity of its testing products.

Chief executive officer Elizabeth Holmes was banned from the clinical lab industry in July, but she rejects the claims from regulators.

"We will return our undivided attention to our miniLab platform," Holmes said. "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."

Theranos has been constantly questioned about the accuracy and viability of its technology despite initially being heralded as a potential breakthrough in the medical testing industry.