ICYMI: Theranos receives last minute transfusion
Posted by Sten Westgard, MS
Remember in 2017 when there were predictions that Theranos wouldn't last out the year?
It appears reports of Theranos' death were greatly exaggerated... or maybe not
-----Except, as it happens, the way it avoided bleeding out of money was by issuing debt and getting a large transfusion of cash.
Fortress Investment Group gave Theranos a loan of $100 million. What it will gain in exchange for the loan is not well known, and given that Theranos basically burned through $200 million of its funding between 2016 and 2018 settling as many lawsuits as possible, while gutting its own workforce to a skeleton, it's not clear if there's any real value left in the company.
In related news, AACC has invited WSJ reporter John Carreyou to the next annual meeting. Considering that in 2016, AACC gave Theranos a free platform to announce a new product launch, while conducting a toothless "interview" of the Elizabeth Holmes, this is a welcome correction. I look forward to hearing what Mr. Carreyou has to say about that 2016 appearance.
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