Health Care

Blood-testing company Theranos is set to dissolve

Blood-testing company Theranos is set to dissolve

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 New York November 9, 2015.

Theranos Inc., the blood-testing company accused of perpetrating Silicon Valley's biggest fraud, will soon cease to exist.

Theranos was unable to sell itself and is now looking to pay unsecured creditors its remaining cash of about $5 million in the upcoming months, according to an email The Wall Street Journal obtained that CEO David Taylor sent to shareholders. Most of Theranos's two-dozen remaining employees worked their last day on Friday, Aug. 31.

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Investors poured almost $1 billion into Theranos and three former U.S. cabinet secretaries, two former United States senators, a retired admiral and a retired Marine Corps general joined its board.

Theranos is shutting down, The Wall Street Journal said on Tuesday night, citing a shareholder email. That came three months after the Securities and Exchange Commission charged Theranos with "massive fraud". If convicted, they each face a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution to those found to have been defrauded, on each count.

The idea was that this would reduce sharply the cost of blood tests as well as making the process less unpleasant to patients with a phobia of needles.

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The once-heralded blood-testing startup Theranos is now set to formally dissolve just weeks after its CEO was charged with criminal fraud.

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'.

Holmes had claimed that the company's technology could run comprehensive lab tests using just a few drops of blood - a pitch that appealed to Walgreens, which partnered with Theranos to offer the blood tests in its stores. A biochemist who worked at Theranos for eight years committed suicide in 2013 after becoming distraught by its culture of fear and secrecy and its lack of progress with its technology, according to his widow.

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Justice Department spokeswoman Sarah Isgur Flores declined to comment on Trump's tweets, which did not name the congressmen. Collins suspended his campaign days after he was indicted, while Hunter is continuing to campaign for re-election.

Its founder, Elizabeth Holmes, and her second-in-command are facing criminal charges on accusations that they defrauded investors, doctors and patients.


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