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Theranos Running Out Of Money, Unless Its Zika Test Gets Approved

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According to a report by Business Insider, a number of big names who have invested in Theranos stand to lose hundreds of millions from their investments. In December, Theranos said in a letter to investors that it had managed to raise $100 million in financing from investment firm Fortress Investment Group, with the hope that it would help the company survive through 2018. However, by the end of July, Theranos will reportedly fall below the $3 million liquidity line it needed to maintain and will default on its agreement with Fortress, unless it manages to win approval for its Zika test by then. Theranos has been under scrutiny since October 2015, after The Wall Street Journal published an investigation that called into question the accuracy of its blood test. In March, the SEC charged Theranos and its CEO Elizabeth Holmes with fraud, alleging they had made false statements and misled investors while raising $700 million.

Added on the 05/05/2018 11:06:06 - Copyright : Wochit

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