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Theranos Given Indirect Lifeline From Softbank

posted by Fnord666 on Monday December 25 2017, @12:52PM   Printer-friendly
from the just-light-it-on-fire-already dept.

An Anonymous Coward writes:

Theranos gets $100 million in debt financing to carry it through 2018, with some caveats

Theranos has secured $100 million in debt financing. Yes, someone gave the blood testing company known for handing out questionable test results money.

First reported by Business Insider, the company reportedly told investors it had secured the money from Fortress Investment Group, a New York-based private equity firm that was acquired by Softbank earlier this year.

Of course, this is debt financing, not equity and Theranos will surely need it as it has been bleeding money, laying off more than half its workforce this year and trying to come up with ways to keep it afloat.

Previously: Theranos Introduces New Product to Distract from Scandal
Theranos Lays Off 340, Closes Labs and "Wellness Centers"

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  • (Score: 2) by takyon on Monday December 25 2017, @01:16PM

    by takyon (881) <reversethis-{gro ... s} {ta} {noykat}> on Monday December 25 2017, @01:16PM (#614085) Journal

    I'm surprised we haven't heard more from them. I guess not having a working product will do that.

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  • (Score: 2) by JoeMerchant on Monday December 25 2017, @09:32PM

    by JoeMerchant (3937) on Monday December 25 2017, @09:32PM (#614148)

    I bought into Softbank when I heard they were acquiring the ARM IP... then Trump said something about them and they gained like 20% overnight. Everything I have heard since makes me think they're dealing in junk debt, but their market cap keeps on rising...

    Of course, I sold my Bitcoin at $200 also (after acquiring it for less than $5) - so what do I know about riding bubbles?

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