Theranos Gone for Good - Company Says It Will Disolve

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

They used advertising and solicitations to encourage doctors and patients to use Theranos's blood testing laboratory services despite knowing the company could not produce accurate and reliable results consistently, prosecutors had said.

The biotech company, which was once valued at $9 billion, built its reputation on the claim that it had come up with a cheaper, more efficient alternative to traditional medical tests.

In the email obtained by the Wall Street Journal, he said the investment bank had "reached out" to over 80 potential buyers, but to no avail.

It agreed to pay $US4.65 million as part of a fraud settlement brought by more than 175,000 consumers in Arizona who purchased Theranos tests at its pilot retail locations.

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.

Holmes and Balwani both pleaded not guilty at their arraignment.

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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.

David Taylor, who became CEO in June, said Theranos will dissolve after it attempts to pay creditors with its remaining cash.

Besides Fortress, Theranos owes at least $60 million to unsecured creditors, Taylor said. Founder and former CEO Elizabeth Holmes is facing criminal charges. "We are now out of time", Taylor wrote in the email, a copy of which was published by the WSJ (paywall).

Holmes and Balwani are also accused of lying to investors about the company's technological abilities. 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 Journal's investigation marked the beginning of the end of Theranos.

In March, Ms Holmes settled charges with the Securities and Exchange Commission, a top United States financial regulator.

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