Theranos bleeds dry, company to dissolve

Theranos bleeds dry, company to dissolve

However, after three years of scandal, Theranos, the once-revered Silicon Valley blood-testing start-up that once had a value of $9 billion, has announced that it will dissolve.

It says most of the company's remaining two dozen employees finished work last Friday and that Fortress, the United States private equity firm, is set to take control of the company's patents - leaving just $5m to be distributed among unsecured creditors.

Theranos founder Elizabeth Holmes, who started the company when she was 19, was celebrated as a rising Silicon Valley star until it became clear that numerous claims about the company's supposedly revolutionary blood test were bogus.

Over time, the company also anticipated making the nanotainers available in major store chains like Walgreens, allowing patients to carry out their own blood tests and saving them a trip to the doctor. He said it owes at least $60 million. Over four months, investment bank Jefferies Group LLC reached out on Theranos's behalf to more than 80 potential buyers, and executed nondisclosure agreements with 17 of those parties, the email said, adding: "We assisted those parties with diligence and had numerous follow-on conversations".

"Unfortunately, none of those leads has materialized into a transaction".

"We are now out of time", Taylor said.

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

Shareholders are expected to receive nothing after the firm's collapse.

Taylor's email appears to herald the final stages of Theranos, which was once one of Silicon Valley's most lauded startups, drawing investments from Oracle (ORCL) founder Larry Ellison and media mogul Rupert Murdoch.

The Justice Department alleges that Holmes and Balwani transmitted the results despite knowing that the tests were unreliable.

The Securities and Exchange Commission brought civil fraud charges against Holmes and Balwani earlier this year.

The SEC accused them of obtaining $700 million in investments by orchestrating an "elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial performance".

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