Friday, 16 November, 2018

Blood-testing startup Theranos said to be closing

Article intro image Blood-testing startup Theranos reportedly to dissolve
Johnnie Parks | 06 September, 2018, 09:52

The Fortress Investment Group loaned $65 million to Theranos previous year, with one condition being that Theranos maintain a cash level that has now been breached-hence the dissolution process that will play out over the coming months.

The pair has denied the charges and faces potential decades in prison and massive fines.

Theranos was unable to sell itself and is now looking to pay unsecured creditors its remaining cash of about US$5 million in the upcoming months, according to an email The Wall Street Journal obtained that chief executive David Taylor sent to shareholders.

Biopharma is a fast-growing world where big ideas come along every day. In exchange, Fortress would get Theranos's patents.

Ms. Holmes sought to disrupt the blood-testing business. The Journal reports that most of the company's remaining employees worked their last day on August 31, while Taylor and a few others have just a few more days on the payroll. At the height of her fame, the Stanford University dropout claimed to have invented groundbreaking new technology that could run the full range of laboratory tests on just a drop or two of blood pricked from a finger.

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She carefully crafted her image as well, wearing nearly entirely black turtleneck sweaters that earned her the moniker in Silicon Valley as 'the next Steve Jobs'.

The end is nigh for Theranos, the allegedly fraudulent blood testing firm, according to a new report. Behind the scenes, it performed the vast majority of the tests with commercial analyzers purchased from other companies.

Theranos collected a distinguished board of advisers and investors including Rupert Murdoch, former secretary of state Henry Kissinger, Oracle founder Larry Ellison, Netscape founder and venture capital investor Marc Andreessen, former US Senator Sam Nunn and Bill Frist, former secretary of defense William Perry and current Defense Secretary James Mattis, who resigned from Theranos' board when he become defense secretary in 2016.

It was briefly one of the most celebrated companies in Silicon Valley - but Theranos, a company valued at $9bn (£7bn) at its peak, will soon be no more.

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