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TTA’s Autumn Falls #3: Theranos cost Safeway, Walgreens $520M; Walgreens buys majority of VillageMD, CareCentrix: Babylon, Devoted Health, Lark’s big raises–more!

...it time for a correction? (Maybe not as much as we cracked it up to be) News and deal roundup: Babylon’s $200M raise, Best Buy buys Current Health, Virgin Pulse-Welltok, Devoted Health’s $1bn raise, Withings watch gains FDA ECG clearance Theranos, The Trial of Elizabeth Holmes, ch. 3: Safeway, Walgreens execs testify to deception, frustration with Holmes, failed pilots and labs (updated) (Expensive lessons!) The trial of Theranos founder Elizabeth Holmes moves to the Hot Grill, with the former lab director turning slowly on the spit to ‘well-done’. Babylon Health is finally SPAC-ing–and buying US practices. And in TelehealthWorld, both... Continue Reading

Theranos, The Trial of Elizabeth Holmes, ch. 3: Safeway, Walgreens execs testify to deception, frustration with Holmes, failed pilots and labs (updated)

...lab devices, negotiating preferred network status with commercial health plans, and a network of partners. Most of all, Safeway negotiated the right to terminate the agreement if the pilot failed and Theranos did not obtain FDA clearance. On the redirect, the government maintains that Theranos started in 2003 and purported to be making money (!!). Up next for the prosecution was Wade Miquelon, former CFO of Walgreens. Walgreens was the only Theranos partner to put Theranos centers in their store. He testified to the presentation he received in 2010 which was similar to those received by investors. It included claims... Continue Reading

TTA’s Autumn Falls #2: Theranos trial–the lab director grilled, well done; Babylon Health’s SPAC coming up shortly; Babylon and Teladoc move into virtual full service primary care

...ink to black) Theranos, The Trial of Elizabeth Holmes, ch. 2: the lab director’s contradictions, competence questioned (The best defense that money can buy) The trial of Theranos founder Elizabeth Holmes slugfests on, with prosecution hammering away at knowing malpractice in patient care with the Edison labs, and the defense using every Perry Mason-like trick in the book to break witnesses. And back in the real world, Walgreens continues to explore outside of Drug Store World with a rumored pass at management services company Evolent Health. Theranos, The Trial of Elizabeth Holmes: ch. 1 (The defense lawyers must have been... Continue Reading

Theranos, The Trial of Elizabeth Holmes, ch. 2: the lab director’s contradictions, competence questioned

...common than what usually sees in … some labs with high volume” and, even more specifically, that “I don’t think I had a greater number of tests that were anomalous that I had to review at Theranos than at other places I’ve been like University of Pittsburgh.” Dr. Rosendorff, according to reports, kept commenting on his earlier testimony to reinforce that decisions made at Theranos were ‘not good solutions’, no matter what he believed or how he acted at the time. Mr. Wade tried to have these comments struck from the record, but Judge Davila ruled that both should move... Continue Reading

TTA’s Autumn Falls #1: Theranos trial witness slugfests, Walgreens chats with Evolent Health on a buy

      Weekly Update Editor’s Note: Thank you for your patience, between holiday breaks interspersed with long work days for a client, it’s been hard to post. But thanks for coming back to take a second look at our back articles. (We’re looking for contributors–if interested, email Editor Donna.) The trial of Theranos founder Elizabeth Holmes slugfests on, with prosecution hammering away at knowing malpractice in patient care with the Edison labs, and the defense using every Perry Mason-like trick in the book to break witnesses. And back in the real world, Walgreens continues to explore outside of Drug... Continue Reading

Theranos, The Trial of Elizabeth Holmes: ch. 1

...testing to FDA-approved devices versus the Edison labs. The cross and the bickering went on into Friday and probably will resume on Tuesday next week (@doratki). Also on Tuesday was brief testimony from Celgene manager Victoria Sung, who drew a picture of more Theranos fabrications around how pharmaceutical companies (Celgene owned by Bristol Myers-Squibb) had not “comprehensively validated” Theranos technology. 2012 results showed that Theranos labs performed “out of range” versus standard tests, and other tests were not run. Last week, Theranos employee Surekha Gangakhedkar in her testimony stated that she did not think GSK’s report validated Theranos’ tests. Mercury... Continue Reading

Saturday summer morning fun: treat yourself (or your boss) to a Dead Startup Toy

Making Lemonade Out Of Lemons. Most of our Readers have seen startups come and go. Some this Editor has profiled were regrettable. Some had Cute Factor, but still tanked. Others were high in Stonato Factor. And a few, like Theranos, had Major Fraud Factor, augering in taking hundreds of millions of OPM with it (not including legal fees). But entrepreneurial hope springs eternal, and why not memorialize these College Trys with a toy? MSCHF of Brooklyn has style, enough to go viral with a unique spin on swag. You can go on eBay, Poshmark, or Etsy to grab a Theranos... Continue Reading

The Theranos Story, ch. 74: defense questionnaire trimmed; Holmes loses attorney-client privileges on 13 emails, doctor/patient testimony allowed

...Theranos after it closed in 2018 waived the company’s privilege to the documents, yet another factor. Boies Schiller represented Theranos up to 2016. Managing partner David Boies was a Theranos board director and a bulldog of an advocate from the company until then. Mr. Boies is now aged 80 and remains chairman of the law firm. (One wonders if the well-seasoned litigator, or his deposition, will be part of the trial.) Judge Davila has also set the trial schedule–three days per week from late August into December, earlier disclosed as Tuesdays, Thursdays, and Fridays, with relatively short days to fight... Continue Reading

The Theranos Story, ch. 73: the defense tries to stack the jury deck in Holmes’ favor, prosecutors say. And Theranos swag and memes are hot!

...coat is supposedly listed for $17,000. Over at Etsy and Redbubble, which sell artist-created items, logo-printed t-shirts and masks, including those with Holmes’ face and the Silicon Valley meme, ‘Fake It Till You Make It’, “Girl Boss” signs, throws, posters (left), and greeting cards. (Good things? Yeesh!) are all over. The funniest is a sweatshirt with ‘Theranos Testing–A Guaranteed Result’. Over on Etsy, a merchant’s most popular Theranos item is a mug emblazoned ‘Theranos Early Investor’. (Is it cracked?) Perhaps Holmes could put her Theranos trinkets and trash online to defray a few costs. Or copyright her image like Bogart?... Continue Reading

The Theranos Story, ch. 72: a little lifestyle and celebrity is admissible at trial–but not too much. And no profanity, please!

...minds of jurors even in a strong case that an accused may be deprived of a fair trial.” To the judge, evidence of Holmes’ wealth and fame are not even moderately related to the intent to defraud, the last of which is the heart of the charges. The prosecution therefore has to walk a very fine line. It’s apparently fine to say that Holmes enjoyed a luxurious lifestyle equivalent to her Silicon Valley peers, with the usual perks. But details on brands of clothing, hotels, and other specifics “outside the general nature of her position as Theranos CEO,” is beyond... Continue Reading