Holmes idealized former Apple CEO Steve Jobs. [57][58] It was eventually revealed that the FDA had classified Theranos' "nanotainer" as a Class II medical device, meaning that Theranos would need to use special labels, meet certain performance standards and perform post-market surveillance of the device. Quantum Operation Inc's prototype could be a big deal, if it works. Instead the startup, founded in 2013, has a product line for a number of different screenings. 450B, Boston, MA 02108, Software Won’t Save You Now: McAfee, Cryptocurrency and the IRS. [115], In August 2016, the company introduced a new robotic, capillary blood testing unit named "miniLab" at the 2016 annual meeting of the American Association for Clinical Chemistry, but did not present any data supporting the claimed abilities of the device. and Silicon Valley Star, Accused of Fraud", "Theranos CEO Holmes and former president Balwani charged with massive fraud", "Elizabeth Holmes indicted on wire fraud charges, steps down from Theranos", "Theranos founder Elizabeth Holmes to stand trial in 2020", "Elizabeth Holmes' Theranos trial set to begin on March 9, 2021", "How Playing the Long Game Made Elizabeth Holmes a Billionaire", "Theranos: The biggest biotech you've never heard of", "This Woman Invented a Way to Run 30 Lab Tests on Only One Drop of Blood", "Bringing Painless Blood Testing to the Pharmacy", "The rise and fall of Theranos, the blood-testing startup that went from a rising star in Silicon Valley to facing fraud charges over a wild 15-year span", "Everything You Need to Know About the Theranos Saga So Far", "Safeway severs ties with Theranos as $350M deal collapses", "Walgreens to offer affordable and needle-free blood tests in more stores (updated)", "Theranos didn't work with the huge drug company it supposedly made money from, drug company says", "Walgreen Sues Theranos, Seeks $140 Million in Damages", "Theranos, Walgreens reportedly reach a deal to settle suit for under $30 million", "Theranos, Cleveland Clinic CEO's on innovation partnership", "We'll test Theranos tech: Cleveland Clinic CEO", "Philadelphia health insurer to make lab testing easier for Medicaid members", "Fingerprick Lab Test Startup Theranos Strikes Insurance Deal", "Disruptive diagnostics firm Theranos gets boost from FDA", "Theranos gets another FDA approval for its blood test", "This technology firm was named Arizona's Bioscience Company of the Year", "Theranos' $9 Billion Evaporated: Stanford Expert Whose Questions Ignited The Unicorn's Trouble", "A scientist just raised 4 serious questions about the blood test that made Elizabeth Holmes a billionaire", "Hot Startup Theranos Has Struggled With Its Blood-Test Technology", "Theranos Whistleblower Shook the Company – And His Family", "Report Claims Theranos Struggling With Blood Test Tech", "Theranos Attacks Wall Street Journal (Again) in a Rebuttal You'll Need a Medical Degree to Understand", "Walgreens halts expansion of Theranos centers", "E-mails reveal concerns about Theranos's FDA compliance date back years", "The FDA's notes from its visit to Theranos' labs don't look good", "Two FDA Inspection Reports Show Theranos' Blood-Collection 'Nanotainer' Was an Uncleared Class II Medical Device | Dark Daily", "Blood-Testing Start-Up Theranos Is In 'Pause Period', Says CEO Elizabeth Holmes", "FDA inspector slams Theranos for poor quality management", "Arizona inspectors find Theranos lab issues", "US government says Theranos lab poses 'immediate jeopardy to patient safety, "Regulators Propose Banning Theranos Founder Elizabeth Holmes for at Least Two Years", "Another partner just asked Theranos to stop running blood tests", "Theranos Under Fire as U.S. The case has been assigned to Lucy H. Koh, United States District Judge of the United States District Court for the Northern District of California. However, the claims later proved to be false. After efforts to find a buyer went nowhere, what remained of the company dissolved on September 4, 2018. [71], In May 2016, Theranos announced that it had voided two years of results from its Edison device. [125] The board included past presidents or board members of the American Association for Clinical Chemistry such as Susan A. Evans, William Foege, former director U.S. Centers for Disease Control and Prevention (CDC), David Helfet, director of the Orthopedic Trauma Service at the Hospital for Special Surgery and professors, Ann M. Gronowski, Larry J. Kricka, Jack Ladenson, Andy O. Miller and Steven Spitalnik. Holmes was born on February 3, 1984 in Washington, D.C. At age 7, Holmes tried to invent her own time machine, and at age 9, she began her lifelong dream of becoming a billionaire when she grew up. For 12 years, Holmes ran an illegal operation that could have put millions of lives at risk, but people followed her, companies blindly invested, and government industries continued to approve patents and operations. [128][129][130], In May 2016 members of the Theranos board of directors were:[131]. [84], In April 2017, lawyers for Partner Investments LP and two other funds, with combined stakes totaling more than $96 million in Theranos preferred shares, charged that Theranos had threatened to seek bankruptcy protection if the investors did not agree to accept additional stock equity in lieu of litigation. Here, the nanosensor may be calibrated to discover the donor organ DNA in the blood, which would start to appear in the blood as an early indication of rejection. This was likely because of a well-known Edison quote: "I've not failed. Bay Area startups Theranos, HealthTell are out for blood ... for its technology that can reportedly diagnose dozens of health conditions from one drop of blood… Ex-Theranos employees describe culture of secrecy at Elizabeth Holmes' startup: ‘The Dropout’ podcast ep. "[50][51] Walgreens suspended plans to expand blood-testing centers in their stores following the report. [15] Following the CMS sanctions, the Walgreens pharmacy chain terminated its contract with Theranos and filed a lawsuit claiming continuous breaches of contract. [113] In February 2016, Theranos announced that it would permit the Cleveland Clinic to complete a validation study of its technology. Theranos's General Counsel David Taylor stated: "Theranos is pleased to have resolved both lawsuits with PFM. At one point, Elizabeth Holmes was the world’s youngest female self-made billionaire with a net worth of around $4.5 billion. In December 2016, it was announced the Theranos management team would be restructured with the departure of Riley Bechtel. [40][41] Theranos was awarded the 2015 Bioscience Company of the Year by the Arizona BioIndustry Association (AzBio).