Sunday, December 24, 2017

It's a Christmas Miracle: Theranos Secures $100 Million in New Funding

From Fortune:
Call it a Christmas miracle – albeit of a rather perverse sort.

Theranos, the digraced medical-technology startup that infamously inflated the capabilities of its devices, has secured $100 million in new funding in the form of a loan.

The loan, reported by the Wall Street Journal, will come from Fortress Investment Group. Fortress, whose other underdog bets include a private passenger rail line under construction in Florida, is set to be acquired by Japan’s SoftBank.

Theranos was reportedly on the verge of bankrutpcy. It raised as much as $900 million between 2004 and 2015 on the back of CEO Elizabeth Holmes’ promises that she could revolutionize blood testing. In 2015, it was discovered that the company was using competitors’ machines to run at least some of its tests, among other indiscretions....MORE