Theranos’ star was shining bright going into 2015.
The darling blood-testing startup had racked up a $9 billion valuation with its big vision to test for a number of conditions off just a small sample of blood, and its CEO Elizabeth Holmes was featured on the cover of business magazines and lists of top executives. But then questions started being raised about how the company’s technology worked.
As Wall Street Journal reporter John Carreyrou details in his new book, “Bad Blood: Secrets and Lies in a Silicon Valley Startup,” the events leading up to the imminent downfall of the company started unraveling even years earlier. The book gives a behind the scenes look into the events propelled the biotech startup, Theranos, into chaos and deceit.
Here are the events that contributed to the rise, the fall, the pivot, and now criminal charges of the once promising company founded by Holmes.
Elizabeth Holmes dropped out of Stanford University in 2003 at the age of 19 to start Theranos, which was then called Real-Time Cures. She was inspired both by her grandfather’s medical career, and her summer 2003 internship at the Genome Institute of Singapore. Briefly after the internship she wrote up a patent application for an arm patch that had the ability to diagnose and treat medical conditions. Theranos/Screenshot Shaunak Roy, a PhD student Holmes was assisting in Professor Channing Robertson’s lab, joined her at Theranos in May 2004 as its first employee. Robertson joined the company’s board as an adviser. Shutterstock/MintImages In order to raise initial funding, Holmes leveraged several family connections. The first two investors in Theranos were Tim Draper, the father of her childhood friend and former neighbor, and Victor Palmieri, one of her father’s long-time friends. By the end of 2004, Holmes had raised nearly $6 million. CNBC See the rest of the story at Business Insider
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