Health Care

Blood-testing startup Theranos said to be closing

Blood-testing startup Theranos said to be closing

She gathered together the savings her parents had set aside for her college tuition as seed money, and she left Stanford that year to start her company. The breakthrough technology was too good for investors to pass up, and far too good for the world not to believe.

"We are now out of time", David Taylor, the company's chief executive and general counsel, informed investors in an email first reported Tuesday by The Wall Street Journal.

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.

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Scandal-hit U.S. blood-testing start-up Theranos is to formally dissolve, the firm's chief executive David Taylor has told shareholders in an email.

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

"Unfortunately, none of those leads has materialised into a transaction. Despite our careful cash management, we are in default under the Fortress credit facility", Taylor wrote. The company plans to get everything finished as soon as possible, proceeding next Monday with a complete dissolution of the organization. The company said its Edison devices could test for conditions such as cancer using only a few drops of blood, but it proved unreliable.

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Ms Holmes sold that vision to a roster of well known investors, including Walgreens, the drugstore group, media mogul Rupert Murdoch, and Oracle co-founder Larry Ellison.

Theranos attracted more than $700m worth of backing from a glittering line-up of investors and recruited some of America's most powerful statesmen, including former secretaries of state Henry Kissinger and George Shultz and the current defence secretary James Mattis, to its board.

Sure it was weird that none of them had medical expertise, but who is going to argue with those guys when they went to bat for her? John Carreyrou, the journalist who helped take the company down with a series of explosive articles, told Vanity Fair in June that Holmes had "sociopathic tendencies" and viewed herself as the victim of incompetent staff and attack-dog journalists. "I think it was a combination of her intelligence, a combination of her charisma, her bold vision, her energy, all of that in one package". She touted the invention as an innovation that would change the health industry.

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