Over time, the company also anticipated making the nanotainers available in major store chains like Walgreens, allowing patients to carry out their own blood tests and saving them a trip to the doctor.
The once high flying blood-testing start-up Theranos, accused with cheating investors, will dissolve, the Wall Street Journal reported Wednesday. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.
Big name investors had reportedly lost about $1 billion.
Theranos, founded in 2003 by a then 19-year-old, wide-eyed Elizabeth Holmes, the Stanford drop-out who everyone believed could change the world. By 2014, they were estimated to be worth $9 billion.
He said the company was attempting to reach an agreement with Fortress to give it ownership of Theranos's patents but leaving its remaining cash of about $5 million for distribution to other unsecured creditors.
Theranos, with Holmes at the helm, had claimed that it could run a slew of physiological tests with a simple pin-prick of blood.
Holmes was seen for a time as a rising star in Silicon Valley, appearing at events like the Women In Technology and Politics dinner hosted by Glamour and Facebook, the Vanity Fair New Establishment Summit and events hosted by the Wall Street Journal and TechCrunch.
"Holmes and Balwani knew that many of their representations about the analyzer were false", the Justice Department said when the charges were announced in June.
The company attracted the attention of United States regulators, including the Centers for Medicare and Medicaid Services, which in April past year took away the company's clinical laboratory testing certificate.
But prosecutors allege that Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies going back to at least 2013.
Holmes and the company settled the SEC's allegations.