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.

Like this



05 September 2018
JFK Flight Quarantined at Airport as 100 Passengers Fall Ill
The airplane involved was a double-deck Airbus A388 - the world's largest passenger aircraft, according to An Emirates superjumbo in NY has been met by ambulances, police and disease control experts after passengers became unwell.

05 September 2018
Captain Marvel breaks the internet with magzine cover
We could be looking at a movie along the lines of Guardians of the Galaxy that blows us all away when it hits theaters. Film fans know Carol Danvers only as the mysterious person paged by Nick Fury ( Samuel L.

05 September 2018
Samsung confirms foldable phone for this year
Koh explained that the development process has been "complicated" but that it's "nearly concluded" it, CNBC said. Note that this doesn't automatically mean Samsung's foldable smartphone will be released this year.

05 September 2018
Democratic Incumbent Upset by Primary Challenger in Massachusetts Congressional Primary
She said the network of insurgent, progressive candidates being supported by groups like the Justice Democrats had been inspiring. A 10-term incumbent congressman in MA conceded to a progressive candidate during the state's Democratic primaries Tuesday night.

05 September 2018
CCTV catches botched attack on United States embassy in Cairo
The area around the embassy has for decades been heavily policed, with concrete barriers blocking traffic. The officials spoke on condition of anonymity because they were not authorised to speak to the media.

05 September 2018
Colin Kaepernick’s Collusion Case Against NFL Heading To Trial
During discovery, Kaepernick's lawyers have requested hundreds of pages of documents from the league office and teams. Reid is also represented by Geragos, although Burbank's ruling applies only to Kaepernick's claim, not Reid's.

05 September 2018
Piper Perabo Got Arrested Today for Protesting Kavanaugh’s Supreme Court Nomination
Kavanaugh promises that if confirmed he will "keep an open mind in every case". "We can not possibly move forward, Mr. Kavanaugh himself, however, pushed back against the idea of the Supreme Court as a partisan institution.

05 September 2018
Britain to continue contact with European Union members for Brexit deal: PM
GMB campaigned to remain, but when the referendum result was announced in June 2016, we accepted the decision of the people. Lawmaker Damian Green, an ally of May, conceded the prime minister was in a tight spot.

05 September 2018
Jim Mattis Calls Woodward Book 'Fiction': 'Product of Someone's Rich Imagination'
Not strictly national security, but certainly indicative of a national emergency: Trump's lawyer told him, "Don't testify ". Tonight, the White House said the excerpts were a fabrication by disgruntled former staff members.

05 September 2018
Serena Williams reaches US Open semi-finals with win over Karolina Pliskova
Serena looked off her game early on Wednesday (AEST) at Arthur Ashe Stadium in New York City, but it didn't last long. The defeats of Stephens and Pliskova completed the exodus of top 10 seeds.