Blood-testing company Theranos will dissolve, pay creditors

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  1. Calliers

    Calliers HH's MC Staff Member

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    Theranos, the company that claimed it could perform a vast array of tests from a single pinprick of blood, is officially dissolving.

    With approval of the company's board and shareholders, Theranos will begin the corporate dissolution process Monday, CEO and general counsel David Taylor said in a note to shareholders.

    Theranos, which owes at least $60 million to unsecured creditors, will turn over its assets and intellectual property to credit and investment firm Fortress, says the e-mailed letter, first reported by The Wall Street Journal. This move, rather than a bankruptcy, will leave $5 million to distribute to creditors, it says.
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    Source: usatoday
     

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