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Bad Blood Secrets and Lies in a Silicon Valley Startup by John Carreyrou
Bad Blood Secrets and Lies in a Silicon Valley Startup By John Carreyrou At its peak in 2013/14, Theranos had a valuation of $10 billion, representing incredible growth in the 10 years since its incorporation in 2003. The company claimed that it had developed and commercialized a revolutionary new blood testing solution. Viewed as a stunning start-up success, the Theranos board was a roster of well-known government and business leaders, including Henry Kissinger, James Mattis and Riley Bechtel. The buzz around Theranos was electric, and high-profile investors such as Betsey DeVos, the Walton family, and Rupert Murdoch invested hundreds of millions of dollars to fund the company. At the helm was Elizabeth Holmes, founder and CEO. Holmes dropped out of Stanford Engineering in 2004 and used her tuition fees to help fund her brainchild. Blond, attractive, and possessed of an unusually deep baritone voice, Holmes was listed by Forbes as one of America’s Richest Self-Made Women in 2015, with a net worth of over $4 billion. That same year, however, it all came crashing down when investigative reporter John Carreyrou of the Wall Street Journal revealed that the Theranos technology did not work as claimed. Carreyrou’s exhaustive research uncovered a web of lies and cover-ups, dating back to the earliest days at Theranos. Today, the company is worth nothing and has been dissolved, investors have lost multi- millions, and Elizabeth Holmes was charged with massive fraud by the SEC in March, 2018. This riches-to-rags story has captured the public’s imagination, and a movie based on Carreyrou’s book (starring Jennifer Lawrence as Elizabeth Holmes), is slated for release in 2020. -
How Innovation Works a Bright Future Not All Innovation Is Speeding up the Innovation Famine China’S Innovation Engine Regaining Momentum
Dedication For Felicity Bryan Contents Cover Title Page Dedication Introduction: The Infinite Improbability Drive 1. Energy Of heat, work and light What Watt wrought Thomas Edison and the invention business The ubiquitous turbine Nuclear power and the phenomenon of disinnovation Shale gas surprise The reign of fire 2. Public health Lady Mary’s dangerous obsession Pasteur’s chickens The chlorine gamble that paid off How Pearl and Grace never put a foot wrong Fleming’s luck The pursuit of polio Mud huts and malaria Tobacco and harm reduction 3. Transport The locomotive and its line Turning the screw Internal combustion’s comeback The tragedy and triumph of diesel The Wright stuff International rivalry and the jet engine Innovation in safety and cost 4. Food The tasty tuber How fertilizer fed the world Dwarfing genes from Japan Insect nemesis Gene editing gets crisper Land sparing versus land sharing 5. Low-technology innovation When numbers were new The water trap Crinkly tin conquers the Empire The container that changed trade Was wheeled baggage late? Novelty at the table The rise of the sharing economy 6. Communication and computing The first death of distance The miracle of wireless Who invented the computer? The ever-shrinking transistor The surprise of search engines and social media Machines that learn 7. Prehistoric innovation The first farmers The invention of the dog The (Stone Age) great leap forward The feast made possible by fire The ultimate innovation: life itself 8. Innovation’s essentials Innovation is gradual Innovation is different from invention Innovation is often serendipitous Innovation is recombinant Innovation involves trial and error Innovation is a team sport Innovation is inexorable Innovation’s hype cycle Innovation prefers fragmented governance Innovation increasingly means using fewer resources rather than more 9. -
Bad Blood : Secrets and Lies in a Silicon Valley Startup / John Carreyrou
THIS IS A BORZOI BOOK PUBLISHED BY ALFRED A. KNOPF Copyright © 2018 by John Carreyrou All rights reserved. Published in the United States by Alfred A. Knopf, a division of Penguin Random House LLC, New York, and distributed in Canada by Random House of Canada, a division of Penguin Random House Canada Limited, Toronto. www.aaknopf.com Knopf, Borzoi Books, and the colophon are registered trademarks of Penguin Random House LLC. Library of Congress Cataloging-in-Publication Data Names: Carreyrou, John, author. Title: Bad blood : secrets and lies in a Silicon Valley startup / John Carreyrou. Description: First Edition. | New York : Knopf, 2018. Identifiers: LCCN 2018000263 | ISBN 9781524731656 (hardback) | ISBN 9781524731663 (ebook) Subjects: LCSH: Theranos (Firm)—History. | Hematologic equipment industry—United States. | Fraud—United States. | BISAC: BUSINESS & ECONOMICS / Entrepreneurship. | BUSINESS & ECONOMICS / Finance. | TECHNOLOGY & ENGINEERING / Biomedical. Classification: LCC HD9995.H423 U627 2018 | DDC 338.7/681761—dc23 LC record available at https://lccn.loc.gov/2018000263 Ebook ISBN 9781524731663 Cover design by Tyler Comrie v5.2_r1 ep Contents Cover Title Page Copyright Dedication Author’s Note Prologue 1. A Purposeful Life 2. The Gluebot 3. Apple Envy 4. Goodbye East Paly 5. The Childhood Neighbor 6. Sunny 7. Dr. J 8. The miniLab 9. The Wellness Play 10. “Who Is LTC Shoemaker?” 11. Lighting a Fuisz 12. Ian Gibbons 13. Chiat\Day 14. Going Live 15. Unicorn 16. The Grandson 17. Fame 18. The Hippocratic Oath 19. The Tip 20. The Ambush 21. Trade Secrets 22. La Mattanza 23. Damage Control 24. The Empress Has No Clothes Epilogue Acknowledgments Notes About the Author For Molly, Sebastian, Jack, and Francesca Author’s Note This book is based on hundreds of interviews with more than 150 people, including more than sixty former Theranos employees. -
9/6/2017 Hot Startup Theranos Has Struggled with Its Blood-Test Technology - WSJ
9/6/2017 Hot Startup Theranos Has Struggled With Its Blood-Test Technology - WSJ DOW JONES, A NEWS CORP COMPANY DJIA ▲ 21830.88 0.36% S&P 500 ▲ 2466.31 0.34% Nasdaq ▲ 6393.57 0.28% U.S. 10 Yr ▼ -11/32 Yield 2.099% Crude Oil ▲ 49.13 0.97% This copy is for your personal, noncommercial use only. To order presentationready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. http://www.wsj.com/articles/theranoshasstruggledwithbloodtests1444881901 TECH Silicon Valley lab, led by Elizabeth Holmes, is valued at $9 billion but isn’t using its technology for all the tests it offers Elizabeth Holmes, Theranos's founder, chairman and chief executive, at the bloodtesting company's headquarters in Palo Alto, Calif. Her ownership stake in Theranos is valued at more than $4.5 billion. PHOTO: MARTIN E. KLIMEK By John Carreyrou Updated Oct. 16, 2015 3:20 p.m. ET On Theranos Inc.’s website, company founder Elizabeth Holmes holds up a tiny vial to show how the startup’s “breakthrough advancements have made it possible to quickly process the full range of laboratory tests from a few drops of blood.” The company offers more than 240 tests, ranging from cholesterol to cancer. It claims its technology can work with just a finger prick. Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. The 31-year-old Ms. Holmes’s bold talk and black turtlenecks draw comparisons to Apple Inc. -
Bad Blood Secrets and Lies in a Silicon Valley Startup
Bad Blood Secrets and Lies in a Silicon Valley Startup By John Carreyrou www.thebusinesssource.com All Rights Reserved © At its peak in 2013/14, Theranos had a valuation of $10 billion, representing incredible growth in the 10 years since its incorporation in 2003. The company claimed that it had developed and commercialized a revolutionary new blood testing solution. Viewed as a stunning start-up success, the Theranos board was a roster of well-known government and business leaders, including Henry Kissinger, James Mattis and Riley Bechtel. The buzz around Theranos was electric, and high-profile investors such as Betsey DeVos, the Walton family, and Rupert Murdoch invested hundreds of millions of dollars to fund the company. At the helm was Elizabeth Holmes, founder and CEO. Holmes dropped out of Stanford Engineering in 2004 and used her tuition fees to help fund her brainchild. Blond, attractive, and possessed of an unusually deep baritone voice, Holmes was listed by Forbes as one of America’s Richest Self-Made Women in 2015, with a net worth of over $4 billion. That same year, however, it all came crashing down when investigative reporter John Carreyrou of the Wall Street Journal revealed that the Theranos technology did not work as claimed. Carreyrou’s exhaustive research uncovered a web of lies and cover-ups, dating back to the earliest days at Theranos. Today, the company is worth nothing and has been dissolved, investors have lost multi-millions, and Elizabeth Holmes was charged with massive fraud by the SEC in March, 2018. This riches-to-rags story has captured the public’s imagination, and a movie based on Carreyrou’s book (starring Jennifer Lawrence as Elizabeth Holmes), is slated for release in 2020. -
Tahák K Audioknize Zlá Krev Přehled Nejdůležitějších Osob a Jejich Vzájemných Vztahů
Tahák k audioknize Zlá krev Přehled nejdůležitějších osob a jejich vzájemných vztahů. Aaron Moor, zaměstnanec a konstruktér v Theranosu. Alan Beam, ředitel laboratoře Theranosu a důvěrný zdroj Johna Carreyroua (autora). Ana Arriolová, zaměstnankyně Applu, kterou Elizabeth přetáhla do Theranosu, kde působila jako šéfdesignérka odpovědná za celkový vzhled Edisonu. Anjali Laghariová, chemička, dlouholetá zaměstnankyně Theranosu a kolegyně Iana Gibbonse. Avie Tevanian, bývalý kolega Any Arriolové z Applu, člen představenstva a investor Theranosu, patřící mezi nejstarší a nejbližší přátele Steva Jobse. Daniel Young, bioinženýr s doktorátem z MIT, pracující v Theranosu v oblasti prediktivního modelování, následně šéf oddělení biomatematiky Theranosu. David Boies, slavný advokát, zastupující Theranos v kauze proti Richardu Fuiszovi. David Doyle, podnikový právník Theranosu. David Shoemaker, podplukovník, zástupce vojenská delegace rozhodující o testovacích přístrojů na válčišti v Afghánistánu. Diana Dupuyová, pracovnice laboratoře Theranosu. Donald L. Lucas, zvaný Don, předseda představenstva Theranosu, investor rizikového kapitálu a poradce Elizabeth. Edmond Ku, zvaný Ed, známý technik startupů v Silicon Valley, vedoucí oddělení konstrukce Theranosu. Elizabeth Holmesová, majitelka a zakladatelka Theranosu. Erika Cheungová, zaměstnankyně Theranosu a kolegyně Tylera Shultze, pracující mimo jiné na validačních experimentech Edisonu. Gary Frenzel, šéf týmu chemiků v Theranosu. Gary Yamamoto, zkušený terénní inspektor sanfranciské pobočky CMS. George -
Consolidated Class Action Complaint 22 Jury Trial Demanded 23 24 25 26 27 28
Case 2:16-cv-02138-HRH Document 88 Filed 11/22/16 Page 1 of 89 Lynn Lincoln Sarko (pro hac vice) 1 T. David Copley Gretchen Freeman Cappio (pro hac vice) 2 KELLER ROHRBACK L.L.P. 1201 Third Ave., Ste. 3200 3 Seattle, WA 98101 Telephone: (206) 623-1900 4 Facsimile: (206) 623-3384 Email: [email protected] 5 Email: [email protected] Email: [email protected] 6 Michael W. Sobol (pro hac vice) 7 Roger N. Heller (pro hac vice) LIEFF CABRASER HEIMANN 8 & BERNSTEIN, LLP 275 Battery Street, 29th Floor 9 San Francisco, CA 94111-3339 Telephone: (415) 956-1000 10 Facsimile: (415) 956-1008 Email: [email protected] 11 Email: [email protected] 12 Interim Co-Lead Plaintiffs’ Counsel 13 [Additional counsel listed on signature page] 14 15 UNITED STATES DISTRICT COURT 16 DISTRICT OF ARIZONA 17 In re: No. 2:16-cv-2138-HRH (Consolidated with) 18 Arizona THERANOS, INC., No. 2:16-cv-2373-HRH Litigation No. 2:16-cv-2660-HRH 19 No. 2:16-cv-2775-HRH -and- 20 No. 2:16-cv-3599-HRH 21 CONSOLIDATED CLASS ACTION COMPLAINT 22 JURY TRIAL DEMANDED 23 24 25 26 27 28 Case 2:16-cv-02138-HRH Document 88 Filed 11/22/16 Page 2 of 89 TABLE OF CONTENTS 1 2 I. INTRODUCTION .................................................................................................. 1 3 II. JURISDICTION AND VENUE ............................................................................. 4 4 III. PARTIES ................................................................................................................ 5 5 IV. FACTUAL BACKGROUND ................................................................................ 7 6 A. Theranos ...................................................................................................... 7 7 8 B. Walgreens Knowingly Ignored Repeated Red Flags About the Reliability of Theranos’s Testing .............................................................. 10 9 10 C. -
THE WALL STREET JOURNAL. U
THE WALL STREET JOURNAL. u TESTING THERANOS A hot laboratory startup hits snags Popular Investment Same Patient, Different Results Theranos has raised at least For one Arizona woman, Theranos found abnormally high levels for six $750 million from investors. tests. Hospital tests two days later were normal. Theranos says variation across labs is commonplace and can be caused by medicines and diet. $600 million Theranos result Hospital result Normal range* Test Results 8.3 10.6 Calcium† 9.2 11.8 400 5.7 8.3 Protein, total‡ 6.8 8.4 44 135 Alkaline phosphatase** 100 149 Alanine 841 200 aminotransferase** 35 47 Aspartate 035 aminotransferase** 34 56 73 99 0 Glucose† 99 103 Dec. Feb. Oct. June Feb. 2004 ’06 ’06 ’10 ’14 *As stated by Theranos †in milligrams per deciliter ‡in grams per deciliter **liver enzyme test, in units per liter Source: Company filings Sources: Theranos and HonorHealth Scottsdale Shea Medical Center via Nicole Sundene and THE WALL STREET JOURNAL. Maureen Glunz THE WALL STREET JOURNAL. TESTING THERANOS A Prized Startup’s Struggles By John Carreyrou October 15, 2015 Theranos’s Growing Pains By John Carreyrou December 28, 2015 Hot Startup Dials Back Lab Tests at FDA’s Behest By John Carreyrou October 16, 2015 Walgreens Scrutinizes Theranos By Michael Siconolfi, John Carreyrou and Christopher Weaver October 24, 2015 Safeway, Theranos Split After $350 Million Deal By John Carreyrou November 11, 2015 FDA Raps Lab Startup Theranos By John Carreyrou October 28, 2015 Theranos Remains in ‘Pause Period’ By John Carreyrou October 22, 2015 U.S. Probes Theranos Complaints By John Carreyrou December 21, 2015 Theranos Searches for Director to Oversee Laboratory By John Carreyrou November 6, 2015 Theranos Authorizes New Stock, Filing Says By Rolfe Winkler and John Carreyrou October 29, 2015 TESTING THERANOS A Prized Startup’s Struggles Silicon Valley lab Theranos is valued at $9 billion but isn’t using its technology for all the tests it offers MARTIN E. -
Bad Blood Book Pdf
Bad blood book pdf Continue NEW YORK TIMES BEST SELLER - NAMED ONE OF THE BEST BOOKS OF THE YEAR BY: NPR, The New York Times Book Review, Time, Wall Street Journal, Washington Post - The McKinsey Business Book of the Year The FULL Inside Story of the breathtaking rise and shocking collapse of Theranos, a different multibillion-dollar biotech startup founded by Elizabeth Holmes, history is even crazier than I expected. This book has it all: complex fraud, corporate intrigue, magazine covers, shattered family relationships, and the demise of a company once valued at nearly $10 billion - Bill Gates In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as a woman by Steve Jobs: a brilliant Stanford dropout whose unicorn startup promised to revolutionize the medical industry with a machine that would make blood testing much easier. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes worth about $4.7 billion. A fascinating story of the largest corporate fraud since Enron, a story about ambition and arrogance set against the backdrop of Silicon Valley's bold promises. 2018 book by John Kerryr Bad Blood: Secrets and Lies in Silicon Valley Startup AuthorJohn CarreyrouSubjectTheranosPublished21 May 2018PublisherAlfred A. KnopfISBN978-1-5247-3165-6OCLC1029779381Dewey Decimal338.7/681761LC ClassHD99995.H423 U627 2018 Bad Blood: Secrets and Lies in a Silicon Valley Startup - this is a scientifically popular journalist John Kerry, released on May 21, 2018. It covers the rise and fall of Theranos, a multibillion-dollar biotech startup led by Elizabeth Holmes. -
Technology and the Lab: Lessons Learned
Truths and Falsehoods of New Clinical Lab Technology: What do Theranos and Successful Inventions have in Common? Presenter: Dr. Mike Astion Medical Director, Dept. of Laboratories Seattle Children’s Hospital Answer Theranos and successful lab inventions are both examples of the law of sowing (planting) and reaping (harvesting). The outcomes of both are predicted by principles of laboratory science, history, and management. This is everything I know about directing a lab. 1. Avoid extreme thinking • The sky is not falling • Healthcare is not ending. • Everything is going to be OK. 2. Less is more in nearly all lab endeavors. 3. Innovation is manageable. ….what I know (continued) 4. Most people come to work to do a good job. 5. This is a good and honorable career. 6. Cake and pizza are both good ideas. 7. Venous blood is a very good specimen. 8. In the battle between “being right” and “being effective”, choose “being effective”. Theranos claims • 300 tests from a few drops of finger stick blood • Breakthrough technology • Very inexpensive • The future of lab testing is that “more is better” meaning that more testing per patient is better in both wellness and illness settings. A Theranos Timeline By THE NEW YORK TIMES, JULY 8, 2016 2003: Elizabeth Holmes drops out of Stanford to start Theranos in 2003 July 2010: Theranos raises $45 million by selling equity. It is privately held. May 2013: Dr. Ian Gibbons, a principle scientist at Theranos, commits suicide. July 2013. Theranos board: Richard M. Kovacevich, CEO, Wells Fargo; Gen. James Mattis, ; Henry A. Kissinger; former Senator Samuel Nunn; former secretary of state George P.