Theranos
Products | Blood tests |
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Services | Medical tests |
Website | theranos.com at the Wayback Machine (archived August 28, 2018) |
Footnotes / references [3][4] |
Theranos Inc. (/ˈθɛr.ən.oʊs/) was an American privately held corporation[5] that was touted as a breakthrough health technology company. Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. The company claimed that it had devised blood tests that required very small amounts of blood and that could be performed rapidly and accurately, all using compact automated devices that the company had developed. These claims were proven to be false.[4][6][7]
A turning point came in 2015, when medical research professor
Theranos, Holmes and former company president
History
While at Stanford University, Elizabeth Holmes had an idea to develop a wearable patch that could adjust the dosage of drug delivery and notify doctors of variables in patients' blood.[10] She started developing lab-on-a-chip technology for blood tests, with the idea to start a company that would make blood tests cheaper, more convenient and accessible to consumers.[11] Holmes dropped out of Stanford in 2003 and used the education trust from her parents to found the company that would later be called Theranos, derived from a combination of the words "therapy" and "diagnosis".[12][13][14] The company's original name was "Real-Time Cures",[15][16][17] which Holmes changed after deciding that too many people were skeptical of the word "cure".[15]
Partnerships
In 2012
In March 2015 the Cleveland Clinic announced a partnership with Theranos to test its technology and decrease the cost of lab tests.[24][25] In July 2015, Theranos became the lab-work provider for Pennsylvania insurers AmeriHealth Caritas and Capital Blue Cross.[26][27] In July 2015 the Food and Drug Administration approved the use of the company's fingerstick blood testing device for the herpes simplex virus (HSV-1) outside a clinical laboratory setting.[28][29] Theranos was named the 2015 Bioscience Company of the Year by the Arizona BioIndustry Association (AzBio).[30]
Exposure and downfall
In February 2015 Stanford professor
In October 2015
Theranos claimed that the allegations were "factually and scientifically erroneous."
Following the WSJ story, the history of FDA interactions with Theranos was scrutinized. The FDA had received a formal inquiry to look at Theranos blood test devices by the
The
In the four months that followed Theranos faced further action from government agencies. CMS regulators announced plans to enact sanctions that included suspending Holmes and Balwani from owning or operating any certified clinical laboratory for two years and that they would revoke the facility's certification as a clinical laboratory.
In May 2016 Theranos announced that it had voided two years of results from its Edison device.[63] The company announced that about 1% of test results had been voided or corrected from its proprietary machines in June 2016.[64] Within two weeks, Walgreens formally terminated its partnership with Theranos and would close all remaining Theranos wellness centers.[65] In August 2016 the company withdrew its request for emergency clearance of a Zika virus blood test after a lack of essential safeguards during the testing process was found by federal inspectors.[66][67] Theranos announced that it would close its laboratory operations and wellness centers and lay off about 40% of its workforce to work on miniature medical testing machines in October 2016.[68][69][70][71] In January 2017, Theranos announced that it had laid off a further 41% of its workforce, or approximately 155 people, and closed the last remaining blood-testing facility after the lab failed a second major U.S. regulatory inspection.[72][73] Also that month, the company faced lawsuits from several different entities including Walgreens[74][75] and Arizona Attorney General Mark Brnovich.[76]
In April 2017 lawyers for Partner Investments LP and two other funds, with combined stakes totaling more than $96 million in Theranos preferred shares, charged that Theranos had threatened to seek
In August 2017 Theranos announced it had reached a settlement with Walgreens.
Shutdown
On September 4, 2018, Theranos announced in an email to investors that it would cease operations and release its assets and remaining cash to creditors after all efforts to find a buyer were fruitless. Most of the company's remaining employees had been laid off on the previous Friday, August 31. However, Theranos general counsel and new CEO David Taylor and a few support staffers remained on payroll for a few more days. Any equity investments in the company were made worthless by the shutdown.[94] Theranos would later transfer its patents to Fortress Investment Group on September 12th in exchange for Theranos' cash assets to be distributed to creditors.[2]
Civil and criminal proceedings
In March 2018 the
On June 15, 2018, Holmes and Balwani were
In February 2021 federal prosecutors accused Holmes and other executives of destroying evidence in Theranos's final days in business. The specific evidence in question is the history of internal testing, including accuracy and failure rates of Theranos's blood-testing systems.[103] On January 3, 2022, Holmes was found guilty of four counts of wire fraud and one count of conspiracy to commit wire fraud.[104] She was sentenced in November 2022 to 11 years and 3 months in prison.[104][105] On May 30, 2023, Holmes began serving her sentence at Federal Prison Camp, Bryan in Bryan, Texas.[106] Balwani's trial began in March 2022[107] and he was convicted of 12 counts of fraud in July 2022.[108] In December he was sentenced to 12 years and 11 months in prison and 3 years of probation.[109]
Technology and products
Theranos claimed to have developed devices to automate and miniaturize blood tests using microscopic blood volumes. Theranos dubbed its blood collection vessel the "nanotainer" and its analysis machine the "Edison".[110][111][112] Holmes reportedly named the device "Edison" after inventor Thomas Edison, stating, "We tried everything else and it failed, so let's call it the Edison." This was likely because of a well-known Edison quote: "I've not failed. I've just found 10,000 ways that won't work."[113] The blood sample was to be collected via a finger prick and then transferred to the nanotainer through Theranos's sample collection device. At just 12.9 millimetres (0.51 in) in height, the nanotainer held a couple of drops of blood.[113]
One of the patents for the Edison described a point of care system that could communicate with the Internet to receive instructions for which blood tests to run on the samples, before communicating these results back through the Internet. The results would then be compared to medical data available on the Internet, with the Edison running supplementary blood tests that were more targeted based on the results of the comparison. The patent was unclear on how much blood the Edison would actually require to conduct these blood tests. In one section, the patent claimed the sample needed to consist of about 10 drops of blood, but in another section, the patent claimed the Edison would need less than one drop of blood.[114] The technology was criticized for not being peer reviewed.[115][116] Theranos claimed to have data verifying the accuracy and reliability of its tests that would be published.[117] In February 2016, Theranos announced that it would permit the Cleveland Clinic to complete a validation study of its technology.[118]
In March 2016, a study authored by 13 scientists appeared in the
Corporate affairs
Location
The company moved from 3200 Hillview Ave to the former headquarters of Facebook at 1601 S. California Ave in June 2012.[124][125] By 2017 Theranos was headquartered at 1701 Page Mill Road, Palo Alto, California, paying a $1 million per month lease for the Stanford Research Park building.[126][127] It had laboratories in Newark, California, and Scottsdale, Arizona.[128] In 2017, when Theranos was still denying its publicly reported fraud, the company vacated its Page Mill headquarters, moving remaining staff into the Newark, California, laboratories; Stanford University School of Medicine converted the Page Mill building to offices and medical laboratories.[126]
Management
From its incorporation in 2003 until 2018, Holmes was the company's chief executive officer. She recruited
In April 2016 Theranos announced its medical advisory board which included past presidents or board members of the
Balwani left his position as president and COO in May 2016. At that time, the company announced its new board members, Fabrizio Bonanni (former executive vice president of Amgen), Richard Kovacevich and William Foege, who would help to publicly introduce its technologies.[136][137][138] In May 2016 members of the Theranos board of directors were:[139]
- Elizabeth Holmes, founder and CEO
- Riley Bechtel, former Bechtel GroupCEO
- David Boies, a founder and the chairman of Boies Schiller Flexner
- William Foege, former director of the CDC
- Richard Kovacevich, former CEO and chairman of Wells Fargo
- Jim Mattis, later U.S. Secretary of Defense
- Fabrizio Bonanni, former executive vice president of Amgen
In December 2016 Theranos announced that its management team would be restructured with the departure of Riley Bechtel. In January 2017, incoming U.S. Secretary of Defense nominee James Mattis resigned from the Theranos board.[140] The Theranos board of directors included:[141]
- Elizabeth Holmes
- William Foege
- Fabrizio Bonanni
- Daniel Warmenhoven, former NetApp CEO, replacing Riley Bechtel
It was also announced in November 2016 that the celebrity-studded "board of counselors" would be scrapped in January 2017.[142]
Valuation
Theranos raised millions of dollars in its first years. In 2004, Theranos was based in a rented basement near the Stanford campus.
In May 2017 participating shareholders provided a release of any potential claims against Theranos in exchange for shares of the company's new preferred stock. Holders of more than 99% of the shares elected to participate. Holmes contributed shares to the company and gave up equity to offset potential dilution to non-participating shareholders.[152] In May 2018 John Carreyrou reported that American business and government leaders lost more than $600 million by privately investing in Theranos.[153] Major investments had been made by the Walton family ($150 million), Rupert Murdoch ($121 million), Betsy DeVos ($100 million) and the Cox family (of Cox Media Group) ($100 million).[61] The final liquidation of the company in September 2018 rendered these investments worthless.[94]
Books and documentaries
John Carreyrou, a Wall Street Journal journalist whose work exposed Theranos, published a book-length treatment in May 2018 titled Bad Blood: Secrets and Lies in a Silicon Valley Startup.[154] A film version was reportedly scheduled for release in 2020, starring Jennifer Lawrence as Elizabeth Holmes, written by Vanessa Taylor and directed by Adam McKay.[155][156] In January 2022, McKay stated that preparations for the film had resumed, and that Lawrence was working on learning Holmes's speech pattern.[157] However, in November 2022, Lawrence announced she would no longer be involved with the project.[158]
In January 2019
See also
- Ian Gibbons, Theranos's chief scientist who died by suicide in 2013
- Richard Fuisz, defendant in a patent related lawsuit filed by Theranos and its CEO
Notes
- ^ a b Sources have reported that Theranos became defunct on September 4th due to an email sent by then CEO David Taylor to Theranos shareholders.[1] Other reports state that Theranos remained active until its patents and most of its remaining assets were transferred to Fortress Investment Group the following week on September 12th.[2]
References
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Elizabeth Holmes and Ramesh "Sunny" Balwani Are Alleged To Have Perpetrated Multi-million Dollar Schemes To Defraud Investors, Doctors, and Patients.
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External links
- Official website (Archived)
- Theranos Original Pitchdeck 2006, "A Presentation for Investors"
- "Elizabeth Holmes on Her Billion-Dollar Health Care Idea", Charlie Rose via YouTube, June 3, 2015.
- Tobak, Steve, "After the Theranos Mess, Can We Finally Quit Idolizing Entrepreneurs?" (Commentary), Fortune magazine. May 27, 2016.
- "Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud" (Press release). The Securities and Exchange Commission. Retrieved March 14, 2018.
- Theranos' Fatal Flaws Were in Plain Sight, Barry Ritholz. Bloomberg Opinion. 31 May 2018.
- The Rise and Fall of Elizabeth Holmes Archived October 23, 2021, at the Wayback Machine, Avery Hartmans. Business Insider Australia. April 21, 2018.