Theranos is finally dead, company to wind down

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.

A notoriously secretive company, Theranos shared very little about its blood-testing machine, nicknamed Edison, with the public or medical community.

The startup's founder and former CEO, Elizabeth Holmes, was indicted on federal wire fraud charges in June.

Theranos has told its investors that the company will wrap up, paying "unsecured creditors its remaining cash", according to the Wall Street Journal.

"We are now out of time", Taylor said.

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The downfall of Holmes, who settled with the Securities and Exchange Commission in March over fraud charges it announced against her, has hastened the collapse of her company. 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.

Mr Taylor, who also serves as general counsel to the firm, said that Theranos had engaged the services of investment bank Jeffries to try to "maximise the value of the company" for shareholders.

Theranos, with Holmes at the helm, had claimed that it could run a slew of physiological tests with a simple pin-prick of blood.

The Journal's investigation marked the beginning of the end of Theranos.

"Because the Company's cash is not almost sufficient to pay all of its creditors in full, there will be no distributions to shareholders", the letter states.

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The Justice Department alleges that Holmes and Balwani transmitted the results despite knowing that the tests were unreliable.

In March, Ms Holmes settled charges with the Securities and Exchange Commission, a top United States financial regulator.

The SEC charged Holmes and former President Ramesh "Sunny" Balwani with deceiving investors into believing the portable blood analyzer could conduct comprehensive blood tests from drops of blood.

As part of the settlement, Ms Holmes had to return millions of shares to the privately held company and pay a $500,000 fine.

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