Search Results for theranos

The Theranos Story, ch. 40: investor fraud revealed in equipment, fake demos, testing

Categories: Latest News.

Theranos’ ‘Big Dig’ is larger than this German art installation representing a Hole to China. It was as smooth as the turf depicted. Set up some shell companies, buy equipment from Siemens, modify it to take the mini-samples for the Theranos Edison mini-lab–and run their customers’ blood tests on them. Continue Reading

The Theranos Story, ch. 39: good news, bad news, and the very ugly lawsuit news

Categories: Latest News.

It’s that darn well again! Theranos‘ News of the Week ran the gamut from cheap, to expensive, to potentially business terminating. Cheap was the settlement of the Center for Medicare and Medicaid Services (CMS) civil penalty against the company for a pinprick of $30,000. What remains: that Theranos cannot own or Continue Reading

Another Theranos on boil? Patrick Soon-Shiong’s companies and the NantHealth Foundation (update)

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Billionaire Patrick Soon-Shiong‘s drive to take down cancer through vaccines, genomics, software, and related health tech is one of the key missions of his NantHealth group and also the Foundation. Both fund research efforts such as Cancer Breakthroughs 2020, which is supported by former Vice President Joseph Biden. Reportedly, the well-wired Dr Continue Reading

The Theranos Story, ch. 38: take our shares, but don’t sue us; Murdoch writes it off

Categories: Latest News.

What? They’re not toast yet? Far from it. We’ve missed the impossibly twisty soap opera called Theranos, and our latest episode holds to the previous high standard. CEO and controlling shareholder Elizabeth Holmes is offering shareholders, supposedly from her personal holdings, about two additional shares for each one purchased. This has been offered Continue Reading

The Theranos Story, ch. 37: the Object Lessons for future healthcare entrepreneurs

Categories: Latest News and Opinion.

There’s an interesting take on the Theranos debacle in Entrepreneur by management consultant/author Steve Tobak. He takes a step back from the healthcare technology that didn’t work, the big money lost and the puffery, where most of us have concentrated. Mr Tobak instead sketches a case study of a Startup Continue Reading

The Theranos Story, ch. 36: Their money–and time–are running out

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A garage sale soon for Theranos? A report in the Wall Street Journal, citing sources on a January investor call, revealed that Theranos has $200 million on hand, but zero revenue in 2015 and 2016. $200 million on hand sounds like–and is–a lot. But Theranos is, once again, oh so special. Continue Reading

The Theranos Story, ch. 35: Arizona lab in violation, is there a biotech ‘Theranos effect’?

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And we were starting to grow nostalgic for our Weekly Episodes! One would expect Nary A Peep from Theranos until the lawsuits start to move forward, they set up another Board of Experts, and/or if the Alphabet Agencies (FDA, SEC, DOJ) decide to take their own actions. A short article out of the Continue Reading

The Theranos Story, ch. 34: It’s a conspiracy! It’s a vendetta!

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Updated Well, that is what one of her major investors says, and he would know! Just when we thought that a week would go by with not a peep about Theranos, we get three. Peeps, that is. First, the Conspiracy Theory. This is being propounded by early Theranos investor Tim Draper of Continue Reading

The Theranos Story, ch. 33: Arizona gets its lawsuits on

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The state of Arizona is lawyering up to sue Theranos for consumer fraud. TechCrunch found a bid solicitation on Arizona’s state procurement website from the Office of the Arizona Attorney General (AGO). It requests bids for outside counsel to assist the AGO in legal action against Theranos for fraudulent blood Continue Reading

The Theranos Story, ch. 32: 155 employees out in latest layoffs, 220 left to go

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Endlessly, flatly spinning, towards Ground Zero…. As a marketing person made redundant (US=laid off) for various reasons by companies (moving out of area, acquisition, dissolution, etc.), this Editor has zero joy in reporting that 155 Theranos employees will be discharged as it “re-engineers its operations” “towards commercialization of the miniLab Continue Reading

The Theranos Story, ch. 31: subtract one Marine general from the Board

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The Warrior Monk has left the building, to paraphrase what was said post-performance of Elvis (birthday, 8 January). Yes, James Mattis, General, USMC (ret.), has finally resigned from the Theranos Board of Directors, which was reorganized last month [TTA 3 Dec]. According to the Wall Street Journal relying on its usual ‘persons close Continue Reading

The Theranos Story, ch. 30: 2016 was the awful year that was

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TWTAwfulYTW for Theranos. This Editor, in her precocious childhood, was an admirer of the acerbically witty Tom Lehrer and the satirical album ‘That Was The Year That Was’. For our UK readers, he performed tunes such as ‘The Folk Song Army’ and ‘The Vatican Rag’ on the US version of Continue Reading

The Theranos Story, ch. 29: Blame the scientists! Bring on the lawyers!

Categories: Latest News, Opinion, and Soapbox.

It was the fault of the scientists and the investors! That is the speculation of Quora poster Drew Smith, a former R&D director at biotech firms MicroPhage and SomaLogic. It was a round robin of founder/CEO Elizabeth Holmes’ all-too-rosy forecasts and scientists not wanting to toss a wet wool blanket Continue Reading

The Theranos Story, ch. 28: when the SecDef nominee is on the Board of Directors

Categories: Latest News, Opinion, and Soapbox.

Does ‘Mad Dog’ ‘Warrior Monk’ James Mattis, General, USMC (ret.) have a blind spot when it comes to Theranos? President-Elect Donald J. Trump has selected him as the next Administration’s nominee for Secretary of Defense. A remarkable leader and, yes, scholar (check his background in various sources), but he has some Continue Reading

The Theranos Story, ch. 27: investor ‘whales’ surface in class action lawsuit news

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Don’t jump…you may land on one of them! In the Bottomless Well that is The Unicorn Losing Its Horn, The Transubstantiation of a $9 bn valuation to $9, to mix up a Whole Lotta Metaphors, the latest is that Certain Big Investors (‘whales’ in Vegas Lingo) and at least one Continue Reading

The Theranos Story, ch. 26: counsel Boies, Schiller & Flexner departs, disagreeing

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Appearing in the netherworld of a Saturday weekend edition before a holiday week was this tidbit in the Wall Street Journal announcing that Theranos‘ legal representation will no longer be big, politically connected NY-based law firm Boies, Schiller & Flexner. Their replacement is a big, politically connected Washington, DC-based law firm, WilmerHale. Reasons why, Continue Reading

The Theranos Story, ch. 25: is the nadir the $400,000 harassment of whistleblower Tyler Shultz?

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A story to make your blood…boil. Tyler Shultz is a 26 year old Stanford University grad with a biology undergraduate degree. He ‘fell in love’ with the Theranos vision of quick small blood sample testing after visiting his grandfather’s home near the campus and meeting, of all people, Elizabeth Holmes in 2011. Tyler snagged Continue Reading

The Theranos Story, ch. 24: looking for the nadir in Walgreens’ lawsuit

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When will we find the nadir of Theranos’ business practices? Between the excruciating details of the Walgreens lawsuit and the treatment of an employee who knew the truth in 2014 (part 2), the bottom, like Jacob’s Well in Texas at left, may be unfindable. The first is what is revealed Continue Reading

The Theranos Story, vol. 23: Walgreens drops the $140 million contract breach hammer

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Walgreens Boots Alliance has finally sued Theranos in Delaware Federal Court in for breach of contract.  Walgreens is seeking $140 million, supposedly equivalent to their amount invested, according to sources cited in the Wall Street Journal article. Not many details are available, since Walgreens moved to seal the civil suit under Continue Reading

The Theranos Story, ch. 22: the human cost of lab error (updated)

Categories: Latest News.

Save this one for the coffee or lunch break. What is the cost of a lab error on the human psyche? It can be mildly upsetting to you and your doctor, warning of a developing condition and some changes have to be made–or make for a very bad day/week/months. It can Continue Reading

The Theranos Story, ch. 21: the denouement of tears, fears and lawsuits

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Finally, Theranos sinks its labs, Wellness Centers…and 340 employees. Since founder/CEO/controlling shareholder Elizabeth Holmes has been banned by CMS from running any labs for the next two years, shutting ’em down makes total sense in terms of saving her job. (Of course, if you are one of those fired employees in Arizona, California or Continue Reading

The Theranos Story, ch. 20: How Arizonans fell hard and let Theranos change health policy

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The face is in the lake, and the yellow duck is upside down–augering in! A flatly-spinning Yak-52 no longer describes the glide path of Theranos, now at value 0. So as the dust settles, the Tales of When The Circus Came to Town are dusted off and published. Here Tim Steller, a Continue Reading

The Theranos Story, ch. 19: the dramatic denouement, including human tragedy

Categories: Latest News, Opinion, and Soapbox.

The deconstruction of Theranos continues, con il dramma, rounding back to those who touted it. There isn’t all that much new in Nick Bilton’s Vanity Fair article, but it adds context and color to this (literally) Bloody House of Smoke and Mirrors. (Ah, where’s Christopher Lee when you need him?–Ed.) Continue Reading

The Theranos Story, ch. 18: Is the ‘miniLab’ the Real Edison, or The Great Oz 1.0?

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Is the Great Oz Behind the Curtain? Updated for The Box and additional articles. Before a skeptical audience Monday afternoon at the American Association for Clinical Chemistry‘s (AACC) annual meeting in Philadelphia, Theranos‘ CEO Elizabeth Holmes, due to be banned from the industry by CMS for lab violations, unveiled a new lab technology. Continue Reading

The Theranos story, ch. 17: closing the barn door after the horse

Categories: Latest News.

And it may work, though the horse is in the next county. Late last week, with American eyes elsewhere, Theranos announced that they hired two executives with regulatory responsibility–a chief compliance officer and an VP regulatory and quality–and formed a new board committee focused on same. The CCO is Dave Guggenheim, Continue Reading

The Theranos Story: now as a cartoon strip, not so ‘funny as a heart attack’ lawsuit

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The absolutely funniest take that this Editor has seen is a funny paper–literally a (scroll down) cartoon strip that serializes the Theranos story. ‘The Rise and Fall of a Health Care Tech Unicorn’ lampoons CEO Holmes’ dropping out of Stanford, the Rube Goldberg-esque (=UK Heath Robinson) Edison Machine to the Wall Street Journal Exposé. $9 billion Continue Reading

More reflections on, significance of the Theranos quagmire (updated)

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Theranos’ spin towards the Auger In continues. Truth or Consequences are apparent. So are setbacks. Wired has put together a timeline of the key events in The 9 Events That Have Pretty Much Doomed Theranos, most of which our Readers in following our coverage (index here from 2013) are already familiar with. Continue Reading

Theranos denouement: CMS closes lab, fine, 2-year ban on Holmes (breaking)

Categories: Latest News.

Breaking News. Theranos has been slapped very soundly by the Centers for Medicare & Medicaid Services (CMS) for violations arising from operations at their Newark, California laboratory. The fine is not disclosed. CMS has revoked the lab’s certificate and also prohibits the owners and operators of the lab from operating a lab Continue Reading

Unhappy endings? HealthSpot’s remains to Rite Aid, Theranos’ story to Hollywood

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HealthSpot Station’s assets to Rite Aid, minus the ‘froth’. On Monday, drug store chain Rite Aid won the US Bankruptcy Court in Columbus, Ohio’s mandated auction for the inventory, most assets and IP for its entry bid of $1.15 million. According to Columbus Business First (subscription only), a touted second bid by a central Continue Reading

Nail in the coffin hammers home: Theranos voids, corrects 2 years of test results

Categories: Latest News, Opinion, and Soapbox.

Tens of thousands of lab results 2013-2015 voided, “corrections” sent. L’affaire Theranos continues, with the not-so-surprising action of Theranos to void all of its Edison machine testing results, from all labs, as well as many processed on conventional equipment during those years. According to the Wall Street Journal, Theranos told CMS during Continue Reading