Posted on 11/23/2016 11:10:50 PM PST by CorporateStepsister
Edited on 11/24/2016 5:30:30 AM PST by Admin Moderator. [history]
Theranos, the biotech company started by a 19-year-old Stanford dropout, has another hurdle to cross in its whole "we're totally a legit blood-testing company" campaign. This time, it turns out that tens of thousands of blood tests were voided, making them totally invalid. Whoops!
To refresh your memory, Vanity Fair and The Wall Street Journal published shocking exposés on just how many (alleged) secrets and lies Theranos founder Elizabeth Holmes, who raised hundreds of millions of investment money, was hiding. The biggest of those was that the company's blood-testing technology didn't work at all like she said it did, a pretty neat trick for a CEO to pull. Theranos claimed to deliver full blood diagnostic testing results from a single pinprick rather than drawing blood intravenously, but the top-secret technology didn't live up to its lofty promises. Instead, the tests were administered the old-fashioned way, using competitors' technology.
Latest update about Theranos!
General Mattis is on the Theranos.board.
Just a heads up - when you copy and paste, it might be a good idea to check to see if you pasted some extra stuff from the source page that isn’t related to the story you intend to share.
Look over the first graph, by way of example.
Thanks for the heads up.
Don’t mean to nitpick, lol. Just that you never know what side stories, ads and such accidentally might show up.
I was only vaguely aware of this story, it’s good to read more and see the followup!
Is this another amazing story about poop, too? /duckn & runn’n
I disagree with Mattis on a lot of things - torture and Palestine being big ones, although I do admire his penchant for reading and history. However, his Theranos connection will prove to be the biggest issue if he is named to DefSec.
started by a 19-year-old Stanford dropout,...
Should have stayed in Skool!!!!!
The Solandra of MedTech. How do you spell FRAUD again?
I have been in the lab more years than I care to admit. Universally, no one wants their blood drawn, but it is marvelous, the body systems we can snapshot with that. I knew this wasn’t feasible based on my lifetime of experience. I don’t like getting stuck either, so I was hoping they knew something I didn’t.
It’s not feasible now, but researchers have been working on “a lab on a chip” for over a decade now with varying success. I expect a real one to come out in the next decade.
That said, this is how a scam works. Take a plausible idea and turn it into a reality in the minds of investors. She forgot the last part of the scam, however, which is get out of Dodge before anyone figures out it’s all a lie.
Holmes first mistake was going into the medical/health field, which has high standards and oversight. I always assumed that the overwhelming majority of VC-backed ventures in other fields (e.g., tech) were no more revolutionary than Theranos.
They were teaching cursive that day. It was hard.
LOL!!! We talked about that insanity at dinner today. My SIL who’s a teacher, can’t BELIEVE they stopped teaching cursive.
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