Embattled blood-testing firm Theranos to dissolve

They have negotiated a deal with Fortress Investment Group, their lender, where Fortress retains what intellectual property Theranos had left.

The biotech company, which was once valued at $9 billion, built its reputation on the claim that it had come up with a cheaper, more efficient alternative to traditional medical tests.

Theranos founder Elizabeth Holmes, who started the company when she was 19, was celebrated as a rising Silicon Valley star until it became clear that numerous claims about the company's supposedly revolutionary blood test were bogus.

Theranos founder Elizabeth Holmes was once lauded as the youngest self-made female billionaire.

His first expose on the company's technology ran in October 2015, and Theranos voided two years of its blood tests just seven months later.

Holmes and Balwani both pleaded not guilty at their arraignment.

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The firm will attempt to pay unsecured creditors its remaining cash in the coming months, the Journal reported, adding that big-name investors had lost about $1 billion.

The roster of Theranos investors-most of whom poured money into the company after its commercial rollout in Walgreens stores in late 2013-included the Waltons, heirs to Walmart Inc. founder Sam Walton; Atlanta's Cox family; the family of Secretary of Education Betsy DeVos; and Rupert Murdoch, executive chairman of 21st Century Fox and of News Corp, the Journal's parent company.

Ms Holmes herself became a business pin-up, wearing a black turtleneck jumper that drew comparisons with Steve Jobs, while profiles regularly pointed out that, like other successful tech entrepreneurs such as Bill Gates and Mark Zuckerberg, she was a college drop-out. "We are now out of time", he wrote.

The regulator alleged that Theranos, Ms Holmes and Mr Balwani made a series of false and misleading statements in investor presentations, product demonstrations and interviews. Each invested $100 million or more in Theranos-investments that are now worthless.

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.

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