Holmes dropped out of Stanford in 2003 and used the education trust from her parents to found the company that would later be called Theranos, derived from a combination of the words "therapy" and "diagnosis". She started developing lab-on-a-chip technology for blood tests, with the idea to start a company that would make blood tests cheaper, more convenient and accessible to consumers.
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While at Stanford University, Elizabeth Holmes had an idea to develop a wearable patch that could adjust the dosage of drug delivery and notify doctors of variables in patients' blood. Holmes and Balwani were also charged with wire fraud and conspiracy, with Holmes being found guilty on four counts in January 2022. Theranos, Holmes, and former company president Ramesh "Sunny" Balwani were charged with fraud by the SEC in 2018. After several years of struggle, lawsuits, and sanctions from CMS, what remained of the company was dissolved on September 4, 2018. By June 2016, it was estimated that Holmes's personal net worth had dropped from $4.5 billion to virtually nothing. Securities and Exchange Commission (SEC), the Centers for Medicare and Medicaid Services (CMS), state attorneys general, former business partners, patients, and others. The company faced a string of legal and commercial challenges from medical authorities, investors, the U.S. Ī turning point came in 2015, when medical research professor John Ioannidis, and later Eleftherios Diamandis, along with investigative journalist John Carreyrou of The Wall Street Journal, questioned the validity of Theranos's technology. įounded in 2003 by 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 20. However, these claims were later proven to be false. The company claimed that it devised blood tests that required very small amounts of blood and could be performed rapidly, thanks to the small automated devices the company had developed. oʊ s/) was an American privately held corporation that was touted as a breakthrough health technology company. at the Wayback Machine (archived August 28, 2018)