Search Results for theranos

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

valued above $100 million, according to CB Insights. Not too long ago, Theranos was near the top of that unicorn list with a valuation of $9 billion. We still have no idea if it’s a one-off or the beginning of a trend. Remember the Theranos saga as a cautionary tale. Nothing about it is the way business should be. Nothing.” And it will continue, because $900 million makes Theranos a Big Cautionary Tale. Hat tip to our Eye on Theranos, Bill Oravecz of Stone Health Innovations. See here for the 36 previous TTA chapters in this Continuing, Consistently Amazing Saga... Continue Reading

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

hyper-overdrive cheerleader for Ms Elizabeth Holmes and Theranos, offers up a profile of John P.A. Ioannidis, MD, DSC who holds the C.F. Rehnborg Chair in Disease at Stanford University and is director of the Stanford Prevention Research Center at the School of Medicine. Dr Ioannidis, according to the article, was the first to raise questions about Theranos’ methodology based on the obvious–that Theranos had published nothing in scientific journals. Theranos’ general counsel then reached out to suggest co-authoring an article with Ms Holmes in a major journal. Per Dr Ioannidis, it would support “the company view that FDA clearance offered... Continue Reading

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

inaccurately configured a machine processing blood coagulation tests; “Theranos additionally failed to verify that devices’ precision or accuracy were in line with their manufacturer’s instructions for tests such as those for blood-glucose, pregnancy and triglycerides.” Patients were not notified of potentially inaccurate diabetes test results. This provides an extra entreé for the dining pleasure of the Arizona Office of the Attorney General (OAG), which last month put out a bid solicitation for outside counsel to assist in planned actions against Theranos for fraudulent blood testing [Ch. 33]. Hat tip to Bill Oravecz of Stone Health Innovations No Theranos Effect? The... Continue Reading

Action This Day in US healthcare, coming to pharma, insurance, home care and innovation

...but most companies, even the largest and publicly traded are nowhere near profitability. VC money, VC ‘advice’ and playing Washington politics aren’t always right either–witness Theranos. There’s a new set of rules being written. A way of thinking about the last six years is that we have been wearing a tight girdle or tight/stiletto shoes. You get accustomed to being uncomfortable and having body parts pushed into unnatural places. Now we get to take them off–and it may hurt. Initially. And smart people–and smart companies–will get accustomed to, adjust, and try to influence their path to this new freedom, quickly.... Continue Reading

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

proposed sanctions for the Arizona lab as well.” This preceded the closing of all labs and the ‘refocusing’ of Theranos on the miniLab. Their general counsel stated, “After months of careful consideration, and prior to CMS’s unannounced inspection in Arizona, Theranos decided to close its laboratories.” Usually, these CMS reports are issued after 90 days. Theranos is appealing the sanctions arising from the California lab inspection with an administrative law judge, which include lab license revocation and a two-year ban on Ms Holmes from blood-testing operations. Third, Theranos announced an eight-person Technology Advisory Board (TAB) to be led by Dr.... Continue Reading

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

of Theranos Inc.’s long-running scheme of deceptive acts and misrepresentations relating to the capabilities and operation of Theranos blood testing equipment, including but not limited to deceptive acts and misrepresentations made to Arizona consumers in connection with Theranos Wellness Centers in Arizona and California. Upon retention, Outside Counsel will assist the AGO on a contingency fee basis per the terms set forth in this Request for Proposal. Arizona’s involvement with Theranos went above and beyond ‘deceptive acts and misrepresentations’ made to Arizona consumers. As we noted last September in Chapter 20, in early 2015 lawmakers quickly deregulated blood testing to... Continue Reading

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

their past. These people should have our empathy, not ‘guilt by association’, and as appropriate, respect for their skills which were badly used in their last situation. One also wonders how long it will take before there is another Chapter in The Theranos Story, one that they will file via one of their multitudinous law firms–Chapter 11. Consumerist (Consumer Reports), Yahoo News. See here for the 31 previous TTA chapters in this Continuing, Consistently Amazing Saga, including the resignation of General Mattis from the BOD (Ch. 31), Theranos’ annus horribilis (Ch. 30) and the law firm feeding frenzy (Ch. 29).... Continue Reading

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

expended and Gen. Mattis accepted the decision. Theranos, having shuttered its labs, is appealing the regulatory sanctions, including CMS’ ban on Elizabeth Holmes’ operating labs, and is reportedly cooperating with a myriad of civil and criminal investigations, both by an alphabet soup of Federal agencies (CMS, DOJ, FDA, SEC) and state regulators. If the WSJ article is paywalled, search on the headline “Trump Defense Nominee James Mattis Resigns From Theranos Board”. Also MarketWatch. See here for the 30 previous TTA chapters in this Continuing, Consistently Amazing Saga, including Theranos’ annus horribilis (Ch. 30) and the law firm feeding frenzy (Ch.... Continue Reading

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

click to enlarge 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 the BBC’s ‘That Was the Week That Was’ (TWTWTW) and later on the BBC’s The Frost Report. Certainly, this was quite the year that was for Theranos. While Mr Lehrer is long retired from both teaching math and performing, if he were still writing, he would likely... Continue Reading

Walgreens partners with Chicago health tech incubator MATTER (US)

...be to mentor and collaborate with MATTER entrepreneurs. Reportedly they have or have had more than 150 startups in their program. They are also part of Chicago’s push to slice itself some health tech cake versus cities like San Diego, Palo Alto, Dallas, Boston and New York via the recently launched Health Care Council of Chicago (HC3), which was co-created by MATTER and Leavitt Partners. Hopefully, Walgreens will get some of their $140 million back via their Theranos lawsuit ending their blood testing misadventure [TTA 17 Nov, Ch. 24] and spread their bets with legitimately promising startups. Press release, ChicagoInno... Continue Reading