Blood-testing startup Theranos reportedly to dissolve
Blood-testing startup Theranos reportedly to dissolve
Theranos is finally dead, company to wind down
08 September, 2018, 04:27
The company aims to seek board and shareholder consent for the Fortress settlement and corporate dissolution later this week and proceed with the actions starting Monday, Taylor said. Holmes and the company's former COO and president Ramesh "Sunny" Balwani allegedly engaged in a multimillion dollar scheme to defraud investors, as well as a scheme to defraud doctors and patients, according to prosecutors.
The company told shareholders in an email that it will dissolve and pay out the remaining cash to creditors, according to the Journal.
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Theranos, the blood-testing company founded by Elizabeth Holmes, is going out of business. The company grew at a rapid rate in the following ten years, backed by investors who fell in love with Holmes' idea. "We are now out of time", Taylor wrote in the letter, a copy of which was published by the WSJ.
The turning point then came in October 2015, when investigative reporter John Carreyrou of The Wall Street Journal questioned the validity of Theranos' technology.
As Ars reported previously, in March 2018, the Securities and Exchange Commission filed civil charges against Holmes, Balwani, and Theranos, alleging that they had committed "massive fraud".
Theranos claimed that it could run a range of physiological tests from a few drops of blood, collected via its portable blood analyser, including testing for conditions including cancer and diabetes.
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Friday, Aug 31. was the last day of work for Theranos' remaining two-dozen employees and overall, investors have lost about $1 billion, the WSJ reported. Inc Magazine described Holmes "as the world's youngest female self-made billionaire, she's stumbled into this rarefied position and is beginning to own it".
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 regulator alleged that Theranos, Ms Holmes and Mr Balwani made a series of false and misleading statements in investor presentations, product demonstrations and interviews.
Holmes and the company have since settled these allegations.
Lawyers for the company did not respond to requests for comment.
Theranos is now negotiating with Fortress to keep part of its remaining cash to pay off other investors.
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