Theranos in dire need of funding, embattled CEO tells shareholders
Elizabeth Holmes, founder and CEO of Theranos. Photo: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images
Elizabeth Holmes, the embattled founder and CEO of Theranos, reportedly told shareholders Tuesday that the blood testing start-up is in dire need of funding and at risk of defaulting on a $100 million loan.
The details: In a letter obtained by BuzzFeed News, Holmes said the company had been forced to delay blood testings for the Zika virus after failing to be granted approval for the technology from the FDA. The company had only received $65 million of the loan through installments based on specific progress, she wrote. The Wall Street Journal first reported that the company laid off the majority of its remaining employees to avoid bankruptcy.