Health Care

Blood-testing firm Theranos to dissolve

Blood-testing firm Theranos to dissolve”

"We are now out of time", Taylor wrote, according to a copy of the email published on The Journal's website.

The once-heralded blood-testing startup Theranos is shutting down, according to a media report.

The company did not immediately respond to Ars' request for comment.

The biotech company, which was once valued at $9 billion, built its reputation on the claim that it had come up with a cheaper, more efficient alternative to traditional medical tests.

His first expose on the company's technology ran in October 2015, and Theranos voided two years of its blood tests just seven months later.

In May, it was announced that a movie based on a book by Wall Street Journal writer John Carreyrou was in the works and would star Jennifer Lawrence as Holmes.

Theranos founder Elizabeth Holmes settled a shareholder lawsuit in July that was created to recover whatever can be salvaged from the firm, the Journal said. But her net worth was later revised down to nothing. 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. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.

Holmes and Balwani both pleaded not guilty at their arraignment.

In June this year, Holmes and former Theranos president Ramesh "Sunny" Balwani were indicted on charges that they engaged in schemes to defraud investors, doctors and patients.

Theranos was in default under its credit facility with Fortress Investment Group, Taylor said in the letter.

It says most of the company's remaining two dozen employees finished work last Friday and that Fortress, the USA private equity firm, is set to take control of the company's patents - leaving just $5m to be distributed among unsecured creditors.

Theranos's other, unsecured creditors are owed at least $60 million, and the company is trying to negotiate a deal with Fortress that would see those creditors get the $5 million in cash that Theranos still holds.



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