Blood-testing startup Theranos reportedly to dissolve
Blood-testing startup Theranos reportedly to dissolve
Theranos is finally dead, company to wind down
08 September, 2018, 04:25
Theranos, the company that claimed it could perform a vast array of tests from a single pinprick of blood, is officially dissolving.
Scandal-hit USA blood-testing start-up Theranos is to formally dissolve, the firm's chief executive David Taylor has told shareholders in an email.
The blood-testing firm Theranos had claimed that they have devised several important physiological tests with a simple pinprick of blood, which was false. 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. Holmes and Balwani are also accused of lying to investors about the company's technological abilities.
Back in March, this year, reports have been made about the company's massive fraud for which civil charges were laid up against the top officials. The Journal reports that most of the company's remaining employees worked their last day on August 31, while Taylor and a few others have just a few more days on the payroll.
Theranos, the one-time Silicon Valley biotech star valued at more than $9 billion, has ultimately run out of money, employees and time. The Journal reports that most of the company's employees - reported to be down to fewer than two dozen as of April, a drastic fall from a peak of 800 - worked their last day on August 31.
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". Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work. Holmes settled with the SEC, agreeing to pay $500,000 in fines and penalties. Balwani is fighting the charges.
Neither Taylor nor representatives for Palo Alto, California-based Theranos immediately responded to Reuters' requests for comment.
Balwani issued a statement through a representative: "As an investor who put millions of dollars of his own money and almost seven years of his life into Theranos, Mr. Balwani was saddened to see the letter from Theranos to investors [Tuesday]".
There are many outstanding questions surrounding Theranos, not least the outcome of Ms Holmes and Mr Balwani's forthcoming fraud trial, as well as whether the remaining patents being acquired by Fortress will turn out to have any lasting value.
FOX Business' Brittany De Lea contributed to this article.
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