Theranos is closing
The scandalous medical startup Theranos has ceased to exist
Investors who have invested $ 400 million in the project will not be able to return the money spent
The American startup Theranos, whose founder Elizabeth Holmes announced a revolutionary method of blood analysis for a minimum amount of material, has ceased to exist, reports The Wall Street Journal.
August 31 was the last working day for the company's employees. Now Theranos lawyers will begin liquidation of the company in order to return the remaining funds in the organization to creditors within 12 months. At the same time, large investors will not be able to return the invested money.
"Since the company's funds are not enough for full payments to all creditors, payments to shareholders will not be made. After the deduction in favor of creditors, the company intends to begin the termination procedure in accordance with the laws of the state of Delaware," the company's management said in a letter to shareholders.
The company decided to dissolve after federal authorities officially accused Holmes that she and her deputy had fraudulently lured hundreds of millions of dollars from investors, as well as deceived doctors and patients. On June 15, Theranos announced that Holmes had left the position of CEO. General Counsel David Taylor took over the post instead. A few months ago, the startup reduced its staff from 800 people to two dozen.
The American biotech company Theranos was founded by Elizabeth Holmes in 2015. Investors have invested $ 400 million in the startup, which makes the company valued at $ 9 billion. However, within a few months, accusations of fraud were poured into the corporation: it turned out that the portable blood test device offered by Theranos has too large a percentage of errors and the company simultaneously conducted tests using traditional methods using competitors' devices to compensate for errors. The laboratory lost its license and was excluded from the state programs Medicare and Medicaid, after which the company's valuation collapsed from $ 9 billion to $ 800 million.
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