Embattled blood-testing firm Theranos to dissolve

Blood-testing firm Theranos to formally dissolve report says

Elizabeth Holmes founder and chief executive of Theranos speaks at the Fortune Global Forum in San Francisco in 2015

Scandal-ridden health startup Theranos announced Tuesday that it will formally dissolve, just weeks after its founder was hit with federal fraud charges, the Wall Street Journal reported.

Holmes was succeeded as CEO by Taylor in June this year, after the former was indicted with nine counts of wire fraud and two counts of conspiracy to commit wire fraud by a USA grand jury.

Enjoying this story? Subscribe to FierceBiotech! Taylor became CEO after Elizabeth Holmes was indicted for fraud in June.

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Under a liquidation process known as "an assignment for the benefit of creditors", getting that remaining cash to the unsecured creditors could take six to 12 months, Mr. Taylor said in the email.

The turning point then came in October 2015, when investigative reporter John Carreyrou of The Wall Street Journal questioned the validity of Theranos' technology.

Theranos, the fraudulent blood-testing startup which despite an incredible amount of wrongdoing has managed to remain an extant corporate entity until now, will soon dissolve. As the company's star rose, so did that of Holmes, who owned about half of the company's bullish value.

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Theranos Chief Executive Officer Elizabeth Holmes speaks on stage at the Glamour Women of the Year Awards where she receives an award, in the Manhattan borough of NY, U.S., November 9, 2015.

It took the better part of a decade for the fraud perpetrated by Theranos to be uncovered, in large part because Holmes was able to cultivate relationships with some of the world's most powerful, influential and wealthy people. The SEC claimed that she and Ramesh Balwani, her romantic partner and former president of Theranos, had engaged in "an elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial performance". Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs. Holmes settled with the SEC, agreeing to pay $500,000 in fines and penalties. Balwani is fighting the charges.

When 19-year-old Elizabeth Holmes developed the idea of using microchip-enabled technology to conduct blood tests, she realized that she needed to build a company that would make the testing cheaper, more convenient, and accessible to consumers. Starting in a basement located a few blocks away from campus, Holmes transformed her company to be worth over $1 billion in seven years time.

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FOX Business' Brittany De Lea contributed to this article.

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