Blood-Testing Firm Theranos Will Formally Dissolve, Report Says

Blood-Testing Firm Theranos Will Formally Dissolve, Report Says

Both executives have denied the charges, according to the Journal.

The Theranos board is expected to meet Friday. 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.

The announcement of the closure comes almost three months after Theranos founder Holmes and Chief Operating Officer Ramesh Balwani were charged with criminal fraud.

Theranos, the fraudulent blood-testing startup which despite an incredible amount of wrongdoing has managed to remain an extant corporate entity until now, will soon dissolve.

Taylor took over the CEO role from founder Elizabeth Holmes, a Clinton donor and presidential ambassador for global entrepreneurship under former President Barack Obama, after she was charged with "massive fraud". But that unraveled spectacularly under the scrutiny of Wall Street Journal investigative reporter John Carreyrou.

If convicted, they could face prison sentences that would keep them behind bars for the rest of their lives, and total fines of $3.69m each.

Prosecutors allege Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies going back to at least 2013.

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Lawyers for the company did not respond to requests for comment.

In July 2016, the Centers for Medicare and Medicaid Services (CMS) revoked Theranos' CLIA license and prohibited Holmes from owning and operating a laboratory for two years.

It took the better part of a decade for the fraud perpetrated by Theranos to be uncovered, in large part because Holmes was able to cultivate relationships with some of the world's most powerful, influential and wealthy people.

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.

As NPR's James Doubek reported in March, Holmes has already settled civil charges brought by the Securities and Exchange Commission, agreeing to pay a $500,000 penalty and to refrain from serving as a director or officer of a publicly traded company for 10 years.

The first product the company pursued - a small device Holmes invented that could administer a dose of medication, monitor its level in a patient's bloodstream, then automatically send this data to a doctor or other healthcare professional - turned out to be the wrong product at the wrong time, and after five years it was shelved. Balwani refused to settle with the SEC.

They have negotiated a deal with Fortress Investment Group, their lender, where Fortress retains what intellectual property Theranos had left.

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