Embattled blood-testing firm Theranos to dissolve

Holmes who was once considered a wunderkind of Silicon Valley launched Theranos in 2003 in Palo Alto California pitching its technology as a cheaper way to run dozens of blood tests

Holmes who was once considered a wunderkind of Silicon Valley launched Theranos in 2003 in Palo Alto California pitching its technology as a cheaper way to run dozens of blood tests

Theranos, with Holmes at the helm, had claimed that it could run a slew of physiological tests with a simple pin-prick of blood.

She and Balwani pitched a tale in investor presentations, product demonstrations and media articles about the startup's key product - a portable blood analyzer - which they claimed could revolutionize the industry by inexpensively conducting comprehensive tests from drops of blood from fingers.

Elizabeth Holmes, the founder of the scandal-plagued company, was indicted by federal prosecutors in June for allegedly defrauding investors, doctors and the public in a multi-million dollar scheme.

Holmes and Balwani both pleaded not guilty at their arraignment. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.

Theranos's other, unsecured creditors are owed at least $60 million, and the company is trying to negotiate a deal with Fortress that would see those creditors get the $5 million in cash that Theranos still holds.

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Embattled blood-testing company Theranos Inc will soon formally dissolve, the Wall Street Journal reported here on Tuesday, citing a shareholder email. At one time, Theranos was worth more than $10 billion and Holmes was the youngest self-made female billionaire. The story raised concerns about the accuracy of Theranos' blood testing technology, which put patients at risk of having conditions either misdiagnosed or ignored.

The Journal's investigation marked the beginning of the end of Theranos.

Holmes and Balwani in March were also charged by the Securities and Exchange Commission with "massive fraud". Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work.

As part of the settlement, Ms Holmes had to return millions of shares to the privately held company and pay a $500,000 fine.

The Fortress Investment Group loaned $65 million to Theranos past year, with one condition being that Theranos maintain a cash level that has now been breached-hence the dissolution process that will play out over the coming months.

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