Theranos Gone for Good - Company Says It Will Disolve

06 September, 2018, 09:55 | Author: Denise Dawson
  • Holmes who was once considered a wunderkind of Silicon Valley launched Theranos in 2003 in Palo Alto California pitching its technology as a cheaper way to run dozens of blood 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.

Theranos collected a distinguished board of advisers and investors including Rupert Murdoch, former secretary of state Henry Kissinger, Oracle founder Larry Ellison, Netscape founder and venture capital investor Marc Andreessen, former US Senator Sam Nunn and Bill Frist, former secretary of defense William Perry and current Defense Secretary James Mattis, who resigned from Theranos' board when he become defense secretary in 2016.

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. Holmes said she was inspired to start the company in response to her fear of needles. As the former CEO Elizabeth Holmes is facing fraud charges, the company has been mired in a myriad of scandals.

The once high flying blood-testing startup Theranos, accused with cheating investors, will dissolve, the Wall Street Journal reported Wednesday.

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

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It was briefly one of the most celebrated companies in Silicon Valley - but Theranos, a company valued at $9bn (£7bn) at its peak, will soon be no more. The story raised concerns about the accuracy of Theranos' blood testing technology, which put patients at risk of having conditions either misdiagnosed or ignored.

The Journal's investigation marked the beginning of the end of Theranos.

The downfall of Holmes, who settled with the Securities and Exchange Commission in March over fraud charges it announced against her, has hastened the collapse of her company. Holmes agreed to pay a $US500,000 penalty in the civil case and is barred from serving as an officer or director of a public company for 10 years.

The dissolution process was precipitated by the fact that Theranos breached a covenant governing a $65 million loan it received from Fortress Investment Group previous year.

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