Theranos, Blood-Testing Company Plagued By Scandal, Says It Will Dissolve

Theranos, Blood-Testing Company Plagued By Scandal, Says It Will Dissolve

Theranos, Blood-Testing Company Plagued By Scandal, Says It Will Dissolve

Taylor's email appears to herald the final stages of Theranos, which was once one of Silicon Valley's most lauded startups, drawing investments from Oracle (ORCL) founder Larry Ellison and media mogul Rupert Murdoch.

Theranos, the once-celebrated Silicon Valley blood testing firm, is about to dissolve itself months after top executives were indicted for defrauding investors, the Wall Street Journal reported on Wednesday. Theranos didn't respond for a request to comment outside regular business hours.

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.

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Holmes had claimed that the company's technology could run comprehensive lab tests using just a few drops of blood - a pitch that appealed to Walgreens, which partnered with Theranos to offer the blood tests in its stores.

The Wall Street Journal began investigating and published a series of exposes starting from October 2015. But her net worth was later revised down to nothing. Founder and former CEO Elizabeth Holmes is facing criminal charges.

It is the latest twist in one of the most dramatic rise-and-fall stories USA business has ever seen and comes three months after Elizabeth Holmes, who founded the company at the age of 19, was charged with fraud along with Sunny Balwani, her former lover and the company's former chief operating officer.

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Holmes and Balwani both pleaded not guilty at their arraignment.

The announcement of the closure comes almost three months after Theranos founder Holmes and Chief Operating Officer Ramesh Balwani were charged with criminal fraud. "We are now out of time", Taylor wrote. This arrangement would allow for all of Theranos' assets, other than its intellectual property, to be assigned to a third party in trust for the company's creditors.

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.

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Besides Fortress, Theranos owes at least $60 million to unsecured creditors, Taylor said.

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