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.

Kavanaugh pledges to be 'team player' on Supreme Court
During the hearing, Democrats plan to grill Kavanaugh on his position on abortion, the Affordable Care Act and executive power. Given that he's Trump's nominee, many people on the left are fearful he would vote to weaken or overturn the law.

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.

Related News:

  • Hrithik Roshan unveils posters of Super 30 on Teacher’s Day

    Hrithik Roshan unveils posters of Super 30 on Teacher’s Day

    Meanwhile, in mid August, Hrithik had shared another picture of himself with actor Tiger Shroff to announce his next film. The movie is said to be based on the mathematician's life of training underprivileged students for IIT entrance exams.
    Trump blasts Jeff Sessions and compares him to 'Lyin’ James Comey'

    Trump blasts Jeff Sessions and compares him to 'Lyin’ James Comey'

    Trump's long-simmering anger stems from Sessions' decision to recuse himself from the Russian Federation investigation. Collins suspended his campaign days after he was indicted , while Hunter is continuing to campaign for re-election.
    McCain tributes echo with criticism of Trump

    McCain tributes echo with criticism of Trump

    McCain - along with the Clintons, Bushes, and Obama - was a pillar of the neoliberal order that Trump is intent on smashing. The service brought to a close two days of mourning for the US senator and 2008 GOP presidential nominee in his home state.
  • ‘American Horror Story: Apocalypse’ Trailer

    ‘American Horror Story: Apocalypse’ Trailer

    If you're already excited for Halloween, the eighth season of " American Horror Story " should tide you over until October 31. It's unclear how they all ended up here-I'm guessing in true AHS fashion we'll get flashbacks throughout the season.
    White House Responds to Woodward Book

    White House Responds to Woodward Book

    Mattis comes across well in reported excerpts of Woodward's book, including standing tall as a bulwark against the Dr. Trump says he would have liked to speak with Woodward and he says it sounds like it will be a "negative" book.
    Tiger Woods returns to Ryder Cup as wild card

    Tiger Woods returns to Ryder Cup as wild card

    Furyk also announced his vice-captains, selecting David Duval , Zach Johnson , Matt Kuchar , Davis Love III and Steve Stricker. He still has one more Captain's Pick to use, which he will make on Monday. "But it could have been a lot more hard ".
  • Nishikori turns tables on Cilic in tense quarter-final

    Nishikori turns tables on Cilic in tense quarter-final

    He also lead with a break in the third-set tie-break before hitting two consecutive double faults to gift Nishikori the advantage. She dropped only seven points on her serve playing on Arthur Ashe Stadium and needed just 57 minutes to rip through Tsurenko.
    Russian Federation  resumes Idlib air strikes

    Russian Federation resumes Idlib air strikes

    Assad has vowed to defeat the opposition in its last refuge in the province if the rebels do not surrender to government rule. The French Foreign Ministry is "ready to act" if Assad uses lethal chemical weapons, it said in a statement on Monday.
    Arbitrator refuses NFL's request for dismissal in Colin Kaepernick's collusion case

    Arbitrator refuses NFL's request for dismissal in Colin Kaepernick's collusion case

    The grievance states that Trump and Pence "engaged in various public relations stunts created to retaliate against Mr. Kaepernick, who is now 30, played six years with the 49ers and led them to the Super Bowl in his second season.
  • Israeli firm to boycott Duterte business forum

    Israeli firm to boycott Duterte business forum

    Duterte is the first Philippine leader to visit Israel since the two countries established ties in 1957. Mr Duterte on Sunday expressed support for a two-state solution to the Israeli-Palestinian conflict.
    Twitter CEO to defend company before Congress against bias claims

    Twitter CEO to defend company before Congress against bias claims

    A spokesperson for Twitter declined to comment, but in past hearings Twitter officials have affirmed the gravity of the situation. To kick off his opening statement, Dorsey picked up his phone and said he would be tweeting out his prepared testimony.
    Prince Harry and Meghan Markle at the WellChild Awards

    Prince Harry and Meghan Markle at the WellChild Awards

    Meghan , Duchess of Sussex attends the WellChild awards at Royal Lancaster Hotel on September 4, 2018 in London , England. The 37-year-old kept accessories minimal with a AU$1,700 clutch by Stella McCartney and her go-to messy bun.


Most liked

Samsung could be showcasing the foldable smartphones at Samsung Developer Conference 2018
The screen will reportedly fold in half like a wallet, with the exterior of the device displaying a small bar of information. The Galaxy A series has included an 18:9 screen and dual front-facing cameras which put it right up with OnePlus.

Powerful natural disaster rocks Hokkaido
A series of smaller shocks, including one with a magnitude of 5.4, followed the initial quake, the Meteorological Agency said. At least 32 people were missing and 120 were injured in Hokkaido after the magnitude 6.7 quake, NHK said.

David Beckham's MLS Franchise Named Inter Miami
Recent expansion teams in MLS have gone with very similar sounding names: Atlanta United, Minnesota United, LA FC, Austin FC. Miami has blown them all out of the water with their originality and a tip of the cap to their citizens.

Federer turns on the style to take sting out of Kyrgios
When he hit that shot that went around the net post , seemed like you were trying to tell him something to get his attention. He said: "I have been around for about four years now". "I knew how important that first set was", he said.

Seattle Seahawks turn down second-round pick offer from Dallas Cowboys
The Pro Bowl free safety reported to the team Wednesday morning, ending a contract holdout that spanned three months. However, it's still not the second-rounder "and change" that the Seahawks want for the six-time Pro Bowler safety.

Gordon now a tropical depression, flash flooding possible into the heartland
Gordon was about 350 miles east-southeast of the mouth of the Mississippi River and was moving west-northwest at 17 mph. It warned that heavy rainfall from the system would affect portions of the central Gulf Coast later in the week.

Watch Brett Kavanaugh’s Surpreme Court Confirmation Hearing Live
Republicans have declined to seek those papers, and instead have gathered documents from his work as White House counsel to Bush. Majority Republicans can confirm Kavanaugh without any Democratic votes, though they'll have little margin for error.

Doctor Who Series 11 Premiere Date Revealed!
Its historic eleventh season - which stars Jodie Whittaker as the first female Doctor - will premiere Sunday , Oct. 7 worldwide. For months, all we've known is that the upcoming season starring new Doctor Jodie Whittaker would launch sometime in the fall.

Twitter's latest tests cover online status and threaded replies
Previously, the company tested a feature that gives users suggestions on what account they might want to unfollow. Most recently, Twitter had an account purge to remove about a million accounts a day run by bots and shady users.

Friends prank McDonalds with poster kept up for 51 days
Jevh Maravilla , a Filipino-American student at the University of Houston , frequented the McDonald's branch. Since being posted on August 2, the video had been viewed more than 314,000 times as of September 4.

Oil prices drop as storm threat eases on US Gulf coast
Yesterday, WTI ended the day slightly higher while Brent crude traded at highs last seen in July earlier this year. Despite these fears, the global markets don't have much to worry about as they are still fairly well supplied.

US Open: Nadal sets up a quarterfinal date with Thiem
But he backed that up with a strong season, reaching the Wimbledon final and earning the No 5 seed in this tournament. Nadal will face third seed Juan Martin Del Potro in the first of the semi-finals at Flushing Meadows.

Trump warns Syria, Russia, Iran against Idlib ‘tragedy’
The Trump administration has twice launched airstrikes against Syria's government in response to the chemical weapons attacks.

Two Russian nationals identified as suspected Salisbury nerve agent attackers
The crown prosecution service named Russian intelligence officers Alexander Petrov and Ruslan Boshirov as the suspects. Britain charged two Russians with his murder but both remain in Russia , and one later won a seat in parliament.

USA service member killed in Afghanistan insider attack
The victim the sixth US service member to be killed in Afghanistan in 2018, and the second to be killed in an insider attack. Dunford, Jr., chairman of the Joint Chiefs of Staff, said last week during a briefing with reporters at the Pentagon.