Medical

Theranos is about to shut down for good

Theranos is about to shut down for good

The firm will attempt to pay unsecured creditors its remaining cash in the coming months, the Journal reported, adding that big-name investors had lost about $1 billion.

The once-heralded blood-testing startup Theranos is shutting down, according to a media report. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.

The indictment states that Holmes and Balwani falsely claimed that they had developed revolutionary technology that could quickly provide a range of clinical tests from a small drop of blood.

Its founder, Elizabeth Holmes, and her second-in-command are facing criminal charges on accusations that they defrauded investors, doctors and patients. Holmes said Theranos had discovered a new way of doing blood testing, one able to do dozens of tests with just a prick of a finger and few droplets of blood.

They used advertising and solicitations to encourage doctors and patients to use Theranos's blood testing laboratory services despite knowing the company could not produce accurate and reliable results consistently, prosecutors had said.

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'.




Scandal-ridden health startup Theranos announced Tuesday that it will formally dissolve, just weeks after its founder was hit with federal fraud charges, the Wall Street Journal reported.

Investors bought what Holmes was selling and invested hundreds of millions of dollars in the company.

Theranos, the one-time Silicon Valley biotech star valued at more than $9 billion, has ultimately run out of money, employees and time.

Holmes and Balwani in March were also charged by the Securities and Exchange Commission with "massive fraud".

However, in October 2015, the Wall Street Journal published a front-page story that claimed the technology was flawed and that the company's former chief scientist had taken his own life two years earlier after telling his wife the technology did not work.

As part of the settlement, Ms Holmes had to return millions of shares to the privately held company and pay a $500,000 fine.


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