Theranos Gone for Good - Company Says It Will Disolve

Theranos Gone for Good - Company Says It Will Disolve

The company will seek to pay unsecured creditors its remaining cash in coming months, the Journal said, citing a shareholder email.

They were all lured by Ms Holmes's claim to have come up with a revolutionary form of blood-testing technology that involved a small prick to a patient's fingertip, collecting just a few drops of blood, rather than using needles and venous draws.

Theranos founder Elizabeth Holmes and former president Ramesh Balwani are facing criminal charges of wire fraud.

But prosecutors allege that Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies going back to at least 2013. If convicted, they could face prison sentences that would keep them behind bars for the rest of their lives, and total fines of $2.75 million each.

It was briefly one of the most celebrated companies in Silicon Valley - but Theranos, a company valued at $9bn (£7bn) at its peak, will soon be no more.

Theranos, the once-celebrated Silicon Valley blood testing firm, is about to dissolve itself months after top executives were indicted for defrauding investors, the Wall Street Journal reported on Wednesday.

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Investors lost nearly $1 billion in the company, The Journal reported.

David Taylor, the Theranos general counsel who took over as CEO after the disgraced Elizabeth Holmes finally resigned in June, wrote to the company's stockholders to say all efforts to sell the operation had failed.

Investors bought what Holmes was selling and invested hundreds of millions of dollars in the company.

The Wall Street Journal began investigating and published a series of exposes starting from October 2015.

The announcement of the closure comes almost three months after Theranos founder Holmes and Chief Operating Officer Ramesh Balwani were charged with criminal fraud. The SEC accused them of lying about the company's abilities, financial health and connections to the Department of Defense.

Holmes and the company settled the SEC's allegations.

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