The end is nigh for Theranos, the allegedly fraudulent blood testing firm, according to a new report.
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.
Scandal-hit U.S. blood-testing start-up Theranos is to formally dissolve, the firm's chief executive David Taylor has told shareholders in an email.
There are many outstanding questions surrounding Theranos, not least the outcome of Ms Holmes and Mr Balwani's forthcoming fraud trial, as well as whether the remaining patents being acquired by Fortress will turn out to have any lasting value.
Holmes and Balwani both pleaded not guilty at their arraignment. Her bold talk and black turtlenecks drew comparisons to Steve Jobs.
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Theranos was unable to sell itself and is now looking to pay unsecured creditors its remaining cash of about US$5 million in the upcoming months, according to an email The Wall Street Journal obtained that chief executive David Taylor sent to shareholders.
Elizabeth Holmes faces the possibility of spending the rest of her life behind bars.
The SEC also alleged that claims the company would generate more than $100 million in revenue in 2014 were false, as it generated a little more than $100,000. At one time, Theranos was worth more than US$10 billion.
Investors poured almost $1 billion into Theranos and three former U.S. cabinet secretaries, two former United States senators, a retired admiral and a retired Marine Corps general joined its board. 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 Wall Street Journal began investigating and published a series of exposes starting from October 2015.
The Securities and Exchange Commission brought civil fraud charges against Holmes and Balwani in March.