Theranos went from one of a many lauded “unicorn” tech startups in Silicon Valley to a association crippled by scandal.
Elizabeth Holmes, Theranos’ owner and CEO, forsaken out of Stanford University to launch a association in 2003 as a cheaper, some-more fit choice to normal medical tests. It betrothed patients a ability to exam for conditions like cancer and diabetes with only a few drops of blood.
But questions swirled over a contrast and technology. Investigations ensued. And on Friday, Holmes was charged by a US supervision with handle rascal and swindling to dedicate handle fraud. She faces adult to 20 years in jail if convicted.
Here’s a demeanour behind during a arise and tumble of Elizabeth Holmes and her blood contrast startup.
— September 29, 2014: Holmes is named one of the richest women in America by Forbes. The opening reports she owns a 50% interest in a startup, that is valued during $9 billion.
— December 15, 2014: The New Yorker reports Theranos has lifted some-more than $400 million and it depends Oracle’s Larry Ellison among a investors.
— October 12, 2015: The New York Times names Holmes one of a “Five Visionary Tech Entrepreneurs who are changing a world.” But shortly after, headlines for Holmes and Theranos take on a opposite tone.
— October 16, 2015: The Wall Street Journal publishes a front-page story about a correctness of Theranos’ tests, claiming a association used normal lab machines instead of a own.
— October 27, 2015: An FDA news cites countless concerns with a company, job a exclusive blood-collection vial an “uncleared medical device.”
— January 27, 2016: Centers for Medicare and Medicaid Services sends Theranos a minute saying it was not complying with sovereign blood-testing manners and that patients were in “immediate jeopardy.” It gives a association 10 days to residence a issues.
— July 7, 2016: Regulators anathema Theranos from using a lab for dual years and devaluate a certification.
— October 5, 2016: Theranos closes clinical labs and wellness centers and lays off 340 employees. Holmes says a association will concentration and concentration on creation a small, programmed contrast machine.
— March 3, 2016: A sovereign group releases a redacted 121-page report formed on a prior investigation of a Theranos labs, citing critical issues with a company’s apparatus and peculiarity control.
— May 2016: Theranos boss and COO Ramesh “Sunny” Balwani steps down from a company.
— June 1, 2016: Forbes revises a guess of Holmes’ net value from $4.5 billion to $0. It also lowered a gratefulness for a association from $9 billion to $800 million.
— June, 2016: Drug sequence Walgreens, that had Theranos centers during 40 locations, pulls out of a 3 year partnership with a company.
— August 1, 2016: Holmes tries to revitalise a association by presenting a company’s mini contrast laboratory, called miniLab, during a discussion for a American Association for Clinical Chemistry. Attendees were skeptical.
— October 10, 2016: Major Theranos financier Partner Fund Management sues a company, accusing it of bonds fraud. The lawsuit was staid in May, 2017, for an undisclosed amount.
— November 8, 2016: Walgreens sues Theranos for $140 million, alleging crack of contract. The lawsuit was staid August, 2017, for an undisclosed amount.
— January 6, 2017: Theranos lays off another 155 employees — 41% of a staff.
— January 17, 2017: The Wall Street Journal reports that Theranos failed a second regulatory lab investigation in September, and that a association was shutting a final blood contrast plcae as a result.
— April 17, 2017: Theranos settles with a Centers for Medicare and Medicaid Services, profitable a supervision group $30,000, giving $4.65 million to Arizona customers, and vowing to stay out of blood contrast for dual years.
— March 14, 2018: The SEC levies polite charges opposite Holmes and former Theranos boss Ramesh Balwanifor an “elaborate, years-long fraud in that they farfetched or done fake statements about a company’s technology, business, and financial performance.” Holmes agrees to a allotment that requires her to compensate a $500,000 penalty, sidelines her from preference creation during Theranos and bans her from tip care positions during publicly traded companies for a decade.
— Jun 15, 2018: Holmes and Balwani are charged with dual depends of swindling to dedicate handle rascal and 9 depends of handle fraud. They are indicted of carrying out a multi-million dollar a intrigue to deceive investors, doctors and patients.
If convicted, they any face a limit judgment of 20 years in jail and a excellent of $250,000, and compensation for any count of handle rascal and any swindling count, according to a US Attorney’s office.
–This is an updated chronicle of an essay that was published on Mar 14, 2018.