US blood-testing startup Theranos to fold

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

A solemn email to investors confirmed it has drowned.

On March 2004, Elizabeth Holmes dropped out of Stanford University - motivated to transform the technology behind blood testing. The technology later on turned out to be a fraud. Cue a slew of lawsuits, commercial challenges and investigations from investors and medical regulators alike, with titans like the US Securities and Exchange Commission (SEC) and Centers for Medicare and Medicaid Services (CMS) wading in on the action against Theranos.

The Wall Street Journal reported late Tuesday that Theranos CEO David Taylor emailed shareholders to announce the blood-testing company will dissolve. However, in a slight glimmer of hope, Theranos then received $100 million investment from Fortress Investment Group.

Taylor said investment bank Jefferies "reached out on our behalf to over 80 potential sale counter-parties", but came away with no buyers. In October 2015, the Wall Street Journal (WSJ) released an expose on the company that questioned the validity of their technology.

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"Unfortunately, none of those leads has materialized into a transaction". We are now out of time.

Theranos was once valued at $9 billion.

Corrections & Clarifications: A previous version of this story misstated venture capitalist Marc Andreessen's relationship with Theranos.

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.

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Elizabeth Holmes suckered in former US President Barack Obama, his Vice President Joe Biden and other top Democrats and Republicans. She also assembled a board of directors that included the elite of political and corporate America, including Jim Mattis, the current USA defence secretary, two former secretaries of state - Henry Kissinger and George Shultz - and David Boies, the high-profile lawyer.

Investors lost nearly $1 billion in the company, The Journal reported.

"This is sort of a controversial topic now amid the MeToo movement but it's undeniable that her marks, again and again, were older men", he said. I'll bet she'd like nothing more right now than to go back in time and start all over again. She touted the invention as an innovation that would change the health industry. And according to Carreyrou, astonishingly she is cooking up new business plans.

Wednesday's announcement comes almost three months after Theranos founder and former CEO Elizabeth Holmes and former Chief Operating Officer Ramesh Balwani were charged with criminal fraud. If convicted, they will face up to 20 years jail time and a fine of $250,000 per count.

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