Theranos is finally dead, company to wind down

Theranos is finally dead, company to wind down

Theranos is finally dead, company to wind down

They have negotiated a deal with Fortress Investment Group, their lender, where Fortress retains what intellectual property Theranos had left.

The most damaging revelation in the article was that the nanotainers themselves were so flawed that Theranos had been using equipment made by other companies to carry out blood tests in its laboratories.

Holmes advertised the company as a cheaper and more efficient way for patients to test for life-threatening conditions, like cancer and diabetes, with just a few drops of blood from their fingers.

The news comes as Theranos founder Elizabeth Holmes and her second-in-command face criminal charges on accusations that they defrauded investors, doctors, and patients.

Holmes, who was once considered a wunderkind of Silicon Valley, and Balwani were charged with conspiracy to commit wire fraud and nine counts of wire fraud each.

Mr Taylor, who also serves as general counsel to the firm, said that Theranos had engaged the services of investment bank Jeffries to try to "maximise the value of the company" for shareholders. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.

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.

"We are now out of time", Taylor said.

Prosecutors allege Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies going back to at least 2013.

As part of the settlement, Ms Holmes had to return millions of shares to the privately held company and pay a $500,000 fine. Starting in a basement located a few blocks away from campus, Holmes transformed her company to be worth over $1 billion in seven years time.

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.

In March, US securities regulators accused the youthful entrepreneur of an "elaborate, years-long fraud".

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