Theranos COO steps down amid federal probes - CNET

Embattled blood-testing firm Theranos said Thursday that Suy Balwani, the company's chief operating officer, is stepping down and retiring.

Balwani, 50, along with Theranos founder and CEO Elizabeth Holmes, faces the possibility of a two-year ban from the blood-testing business if the Centers for Medicare and Medicaid Services, the federal agency that oversees clinical labs, decides to shut down the company. Theranos has been under scrutiny since a Joual report in October that suggested its blood-testing devices were flawed, leading to questions regarding their accuracy.

In April, Federal prosecutors and the US Securities and Exchange Commission launched criminal and civil investigations into whether Theranos misled investors about the state of its product.

"I am deeply grateful for the opportunity to contribute to Theranos' mission to make health care accessible through its technology and products," Balwani said in a statement. "I will continue to be the company's biggest advocate and look forward to seeing Theranos' iovations reach the world."

A Theranos representative said Balwani's departure was unrelated to the investigations.