![]() ![]() An engineer, a Theranos consultant, ordered this glue dispensing robot. That's when they introduced the Edison, which was a glue-dispensing robot. But for whatever reason, I guess because she was promising that the technology was already real to investors, she lost patience and pivoted away. Some people who worked with the company back then said maybe if they had stuck with it for five or ten more years, they might have started getting some results. Unfortunately, they couldn't get anywhere with it because that stuff is really hard. And that was, ironically, the most ambitious thing that Theranos ever worked on. So then they worked on the microfluidic cartridge and reader system for several years. Which she and her startup founder quickly pivoted away from because they realized it was science fiction. That was another thing Partner Management Fund looked at and thought, "Nothing can be off at a company where arguably America's most famous lawyer is guarding the shop."Īt first it was this ridiculous wristband that was going to have microneedles and was going to simultaneously diagnose you and cure you. ![]() She had David Boies as the outside counsel, who sat on every board meeting. Surely they wouldn't associate themselves with anything that was remotely questionable."Īnd then, by the time I started digging into the company, she had cultivated a chummy relationship with the White House, with the Clintons. I think some people saw the board and thought "These are people with sterling reputations. One of several things that sold Partner Fund Management, the San Francisco hedge fund, on a nearly $100-million investment was the board. Even some people in the medical professions. It shouldn't take the form of a giant unauthorized medical experiment like Theranos did in Arizona. But it has to be done responsibly and it has to be done ethically. It doesn't mean that industries, such as even blood testing, which is essentially a duopoly, can't be disrupted. The cavalier attitude toward regulation when it comes to health tech is going to have to be toned down. ![]() There always needs to be a voice in the back of every health tech entrepreneur's mind saying the end user is a patient, that a patient's life is at stake. You can listen to the full unedited interview via the player. Some of the choicer bits appear below, edited for length and clarity. MedPage Today spoke with Carreyrou at length between stops on his book tour. The book has hit the national bestseller list, and for good reason. In stunning detail, he describes the bad management and nonexistent ethics at Theranos - and also lays bare the arrogance in California's venture capital culture that Holmes shrewdly exploited. The firm now sells lab equipment and sample collection devices, but no longer performs tests.Ĭarreyrou turned his reporting into a book, Bad Blood: Secrets and Lies in a Silicon Valley Startup, which goes far beyond what was reported in his Journal pieces. Last week, Holmes was indicted on federal fraud charges and relinquished the CEO title, but remains as board chair. ![]()
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