Theranos Gone for Good - Company Says It Will Disolve

Blood-testing firm Theranos to formally dissolve report says

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.

The pair has denied the charges and faces potential decades in prison and massive fines.

The Wall Street Journal is reporting that the blood-testing company is about to wind itself up after failing to find a buyer.

In the wake of a high-profile scandal, the company will formally dissolve, according to a shareholder email.

Neither Taylor nor representatives for Palo Alto, California-based Theranos immediately responded to Reuters' requests for comment.

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It is the latest twist in one of the most dramatic rise-and-fall stories United States business has ever seen and comes three months after Elizabeth Holmes, who founded the company at the age of 19, was charged with fraud along with Sunny Balwani, her former lover and the company's former chief operating officer. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.

In June this year, Holmes and former Theranos president Ramesh "Sunny" Balwani were indicted on charges that they engaged in schemes to defraud investors, doctors and patients.

According to the indictment, the company gave doctors - and through them, their patients - "materially false and misleading information concerning the accuracy and reliability of Theranos's blood testing services".

She and Balwani pitched a tale in investor presentations, product demonstrations and media articles about the startup's key product - a portable blood analyzer - which they claimed could revolutionize the industry by inexpensively conducting comprehensive tests from drops of blood from fingers.

"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. "We are now out of time", Taylor wrote. The news was first reported by The Wall Street Journal, which published the letter.

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