Magazines clamoured to put her piercing stare on their covers – Ms. And when she spoke in interviews and at conferences, it was in an unexpectedly deep baritone that some former employees say she put on and occasionally let slip, revealing her higher-pitched natural voice. She fashioned herself after Apple Inc.’s charismatic and demanding Mr. But his trial is not scheduled to open until January. Holmes at the time, faces the same charges. Ramesh “Sunny” Balwani, Theranos’s former chief operating officer, who was also in a secret relationship with Ms. Holmes is charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. Elizabeth Holmes is on trial because she actually endangered people’s lives.” “But medical devices are intimately related to people’s health, and Theranos chose to put that in the background. “The whole Silicon Valley ethos is to fake it till you make it, and you can get away with that if you’ve got a piece of consumer technology or software that you need to keep improving,” said Tom Sanko, a Redmond, Wash.-based consultant who works with medical device startups. What’s more, many tests weren’t even being done using Theranos’s own so-called Edison machines, but on commercially available, third-party lab equipment instead, contrary to what investors who had sunk US$700-million into the company, and its retail partner, the Walgreens pharmacy chain, were led to believe. Holmes knew Theranos’s proprietary analyzer could only run a small handful of tests, and even then its results were wildly inaccurate. All for as little as one-tenth of what hospitals charged for traditional tests.īut prosecutors say Ms. At its peak, the company claimed its machines could run more than 200 individual tests for things such as diabetes, HIV, cholesterol, calcium and iron, with up to 30 tests conducted at once from a single droplet of blood. Holmes knowingly lied about Theranos’s blood-testing capabilities. She faces a maximum sentence of 20 years in prison if found guilty. Holmes’s trial on fraud charges finally opens in a San Jose, Calif., courtroom. The ordeal is set to come to a head on Aug. Diamandis was one of the first critics to publicly raise red flags about a company that, within a year, would be embroiled in investigations and lawsuits. Diamandis warned that Theranos’s “claims of superiority over current systems and practices are speculative, at best,” and that “most of the company’s claims are exaggerated.”Īs it turned out, Dr. In a journal paper he penned in May, 2015, Dr. Diamandis, the head of clinical biochemistry at the hospital, saw enough to concern him. Theranos’s much-hyped testing tool was shrouded in secrecy, but Dr. Eleftherios Diamandis’s bosses at Mount Sinai Hospital in Toronto asked him to look into Theranos’s claims – with an eye to possibly adopting the technology at the hospital. Embattled blood-testing firm Theranos to dissolve: reportĪfter the Theranos failure, here’s how you look for clues to spot overhyped startupsĪround the same time, however, Dr.
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