One week after the Journal report, Holmes is interviewed on-stage at the outlet’s conference in Laguna Beach. (Later that month, the FDA released two heavily redacted reports citing 14 concerns, including calling the company’s proprietary vial an “uncleared medical device.”) In response, Theranos defends its testing practices, calling the Journal’s reporting “factually and scientifically erroneous.”Ī day later, Theranos halts the use of its blood-collection vials for all but the herpes test due to pressures from the FDA. The Wall Street Journal reports Theranos is using its proprietary technique on only a small number of the 240 tests it performs, and that the vast majority of its tests are done with traditional vials of blood drawn from the arm, not the “few drops” taken by a finger prick. October 2015: Theranos is the subject of a Wall Street Journal investigation Holmes hits back The FDA clears Theranos to use of its proprietary tiny blood-collection vials to finger stick blood test for herpes simplex 1 virus - its first and only approval for a diagnostic test. July 2015: Theranos gets FDA approval for Herpes test It counts Oracle’s Larry Ellison among its investors.
Theranos has raised more than $400 million, according to a profile of the company and Holmes by The New Yorker. Holmes is named to the magazine’s American billionaire list with the outlet reporting she owns a 50% stake in the startup, pinning her personal wealth at $4.5 billion.ĭecember 2014: Theranos has raised $400 million September 2014: Holmes named one of the richest women in America by Forbes
The original plan had been to make Theranos’ testing available at Walgreens locations nationwide. The first Theranos Wellness Center location opens in a Walgreens in Palo Alto where consumers can access Theranos’ blood test. September 2013: Holmes opens up about Theranos announces Walgreens partnershipĪ decade after first starting the company, Holmes takes the lid off Theranos and courts media attention the same month that Theranos and Walgreens announce they’ve struck up a long-term partnership. The two are later revealed to be romantically involved. Balwani, nearly 20 years her senior, met Holmes in 2002 on a trip to Beijing through Stanford University. Federal Court on Jin San Jose, California.(Justin Sullivan/Getty Images) September 2009: Ramesh “Sunny” Balwani joins Theranos as Holmes’ right-hand manīalwani joins as chief operating officer and president of the startup. The name is a combination of the words “therapy” and “diagnosis.” Former Theranos COO Ramesh “Sunny’ Balwani leaves the Robert F. Holmes, a Stanford University sophomore studying chemical engineering, drops out of school to pursue her startup, Theranos, which she founded in 2003 at age 19. March 2004: Holmes drops out of Stanford to pursue Theranos Here are the highlights of the rise and fall of Elizabeth Holmes and Theranos. (Both have pleaded not guilty.) More than three years later, Holmes is finally getting her day in court. Holmes and her former business partner, Ramesh “Sunny” Balwani, were charged in 2018 by the US government with multiple counts of wire fraud and conspiracy to commit wire fraud.
She attracted hundreds of millions of dollars in funding, a board of well-known political figures, and key retail partners.īut a Wall Street Journal investigation poked holes into Theranos’ testing and technology, and the dominoes fell from there. Theranos promised patients the ability to test for conditions like cancer and diabetes with just a few drops of blood. How did Holmes get here?Ī Stanford University dropout, Holmes - inspired by her own fear of needles - started the company at the age of 19, with a mission of creating a cheaper, more efficient alternative to a traditional blood test. Elizabeth Holmes, the founder and former CEO of failed biotech startup Theranos, went from being hailed as the next Steve Jobs to facing up to 20 years in prison over federal fraud charges.
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