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. Steve Jennings/Getty Imagesĭecember 2014: Theranos has raised $400 million 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.Įlizabeth Holmes speaking onstage at TechCrunch Disrupt on Septemin San Francisco, California. 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. ![]() Balwani would ultimately become the company’s chief operating officer and president of the startup. Their personal relationship was largely concealed from employees, investors and business partners. ![]() The two kept in touch and began living together in 2005, Holmes testified during her criminal trial. Balwani had enjoyed a successful career in the software industry, and following the sale of his e-commerce startup, was pursuing an MBA. Balwani, roughly 20 years older than Holmes, first met her in 2002 through a program in Beijing to learn Mandarin. September 2009: Ramesh “Sunny” Balwani joins Theranosīalwani guarantees a $10 million loan to Theranos and soon after takes on a formal role at the startup. The name is a combination of the words “therapy” and “diagnosis.” 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 Theranos. (Balwani’s legal team has strongly denied the allegations in court filings.) Their trials were separated after Holmes indicated she would pursue a defense that included alleging she was the victim of a decade-long abusive relationship with Balwani that impacted every part of her life. In 2018, Holmes and Balwani were each charged with a dozen counts of wire fraud and conspiracy to commit wire fraud. Then came a Wall Street Journal investigation into the company, which called into question the company’s testing methods and the capabilities of its technology. With that promise, it attracted $945 million in financing, a board of well-known political figures and prominent retail partners. Theranos claimed its technology could accurately and efficiently test for conditions like cancer and diabetes with just a few drops of blood. ![]() Their trials marked the final chapter for Theranos, a startup once valued at $9 billion and lauded for its promise to upend the healthcare industry. Balwani, Theranos’ former president and COO who was also Holmes’ live-in boyfriend at the time, was found guilty on Thursday of ten counts of federal wire fraud and two counts of conspiracy to commit wire fraud. Holmes, the founder and former CEO of Theranos, was found guilty on four out of 11 federal fraud and conspiracy charges in January after a months-long trial. Four years after the top two Theranos executives, Elizabeth Holmes and Ramesh “Sunny” Balwani, were first indicted together on a dozen federal fraud charges stemming from their time heading up the failed blood testing startup, both have been convicted by juries.
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