Published: Fri, September 07, 2018
Health Care | By Oscar Goodwin

Blood-testing startup Theranos reportedly to dissolve

Blood-testing startup Theranos reportedly to dissolve

However, an expose on the company's proprietary technology in 2015 saw her lose everything and nearly go bankrupt.

The biotechnology start-up promised to revolutionise medicine with a pinprick blood test that could diagnose a whole range of diseases. The confirmation that the company would be closing down wouldn't have been a surprise to investors as Theranos has lost millions of dollars since its authenticity was questioned in 2015.

Federal prosecutors have charged Holmes and her deputy, Ramesh Balwani, with fraud against investors, doctors and patients.

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A Tuesday email to shareholders notes Theranos will seek to negotiate a settlement involving ownership of the company's patents and pay unsecured creditors its remaining cash, an estimated $5 million, in a process that could take up to a year, reports the Wall Street Journal.

The Fortress Investment Group loaned $65 million to Theranos a year ago, 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. Over four months, investment bank Jefferies Group LLC reached out on Theranos's behalf to more than 80 potential buyers, and executed nondisclosure agreements with 17 of those parties, the email said, adding: "We assisted those parties with diligence and had numerous follow-on conversations".

"Unfortunately, none of those leads has materialized into a transaction". We are now out of time.

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"The defendants also represented to investors that Theranos would generate over $100 million in revenues and break even in 2014 and that Theranos expected to generate approximately $1 billion in revenues in 2015 when, in truth, the defendants knew Theranos would generate only negligible or modest revenues in 2014 and 2015", the U.S. Attorney's Office said. This arrangement would allow for all of Theranos' assets, other than its intellectual property, to be assigned to a third party in trust for the company's creditors. By 2014, she had raised $700 million from venture capitalists and private investors - including current United States secretary of education Betsy DeVos, the family of Walmart founder Sam Walton, Rupert Murdoch, and Mexican billionaire Carlos Slim. Some of the company's famous investors include Oracle founder Larry Ellison along with mogul Rupert Murdoch.

Elizabeth Holmes suckered in former US President Barack Obama, his Vice President Joe Biden and other top Democrats and Republicans.

Sure it was weird that none of them had medical expertise, but who is going to argue with those guys when they went to bat for her?

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In May, it was announced that a movie based on a book by Wall Street Journal writer John Carreyrou was in the works and would star Jennifer Lawrence as Holmes. "I think it was a combination of her intelligence, a combination of her charisma, her bold vision, her energy, all of that in one package". I'll bet she'd like nothing more right now than to go back in time and start all over again. She touted the invention as an innovation that would change the health industry.

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