Theranos

Legendary card · No. 98

Theranos Inc. was an American privately held corporation that was touted as a breakthrough health technology company. Founded in 2003 by 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $9 billion valuation at its peak in 2013 and 2014. The company falsely claimed that it had devised blood tests that could be performed rapidly and accurately while requiring very small amounts of blood, all using compact automated devices that the company had developed. A turning point came in 2015, when medical research professor John Ioannidis, and later, professor of clinical biochemistry Eleftherios Diamandis, along with investigative journalist John Carreyrou of The Wall Street Journal, questioned the validity of Theranos's technology. The company faced a string of legal and commercial challenges from medical authorities, investors, the U.S. Securities and Exchange Commission (SEC), the Centers for Medicare and Medicaid...

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