Friday, 19 October, 2018

Theranos, blood test company racked by fraud allegations, is shutting down

Blood-testing startup Theranos is now set to formally dissolve just weeks after its CEO Elizabeth Holmes was charged with criminal fraud for allegedly defrauding investors doctors and the public in a multi-million dollar scheme Blood-testing startup Theranos reportedly to dissolve
Steve Townsend | 06 September, 2018, 09:53

Mr Taylor said Theranos had run "out of time" to secure further investment or secure a buyer for its assets.

Theranos, the blood-testing company founded by Elizabeth Holmes, is going out of business.

Theranos Chief Executive Officer Elizabeth Holmes speaks on stage at the Glamour Women of the Year Awards where she receives an award, in the Manhattan borough of NY, U.S., November 9, 2015.

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.

But as the Journal revealed in a series of articles beginning in October 2015, Theranos's blood-testing device was unreliable and the company used it for just a fraction of the more than 240 tests it offered to consumers. But her net worth was later revised down to nothing.

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The announcement comes almost three months after Theranos founder and former chief exective Elizabeth Holmes and former chief operating officer Ramesh Balwani were charged with criminal fraud.

Holmes, who reigned briefly as the world's youngest female self-made billionaire over her promise to revolutionize blood testing, was criminally charged in June with defrauding investors along with the Palo Alto, California-based company's former president, Ramesh "Sunny" Balwani.

Holmes and Balwani both pleaded not guilty at their arraignment.

Theranos was unable to sell itself and is now looking to pay unsecured creditors its remaining cash of about US$5 million in the upcoming months, according to an email The Wall Street Journal obtained that chief executive David Taylor sent to shareholders.

In March, Ms Holmes settled charges with the Securities and Exchange Commission, a top United States financial regulator. "We are now out of time", he wrote.

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.

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