It was part of the game. The new valuation, in particular, was a source of great pride.
The cartridge would slot into a rectangular box the size of a toaster. She leveled a cold stare at her chief financial officer.“Henry, you’re not a team player,” she said in an icy tone.
The box was called a reader. View Tim Kemp’s profile on LinkedIn, the world's largest professional community. Elizabeth was often upbeat. We did what we came to do!”This was a pivotal moment for Theranos. But that wasn’t his role. Patients would prick their fingers several times a day and the readers would beam their blood-test results to the trial’s sponsor. Sometimes you could coax a result from it and sometimes you couldn’t.This was news to Mosley. So they’d recorded a result from one of the times it worked. If Theranos could make itself indispensable to them and capture a fraction of that spending, it could make a killing. When he did, Elizabeth admitted that there had been a problem, but she shrugged it off.Mosley was dubious given what he now knew. He brought up what Shaunak had told him about the investor demos. She was the picture of a relaxed and happy leader. The chairman of her board was Donald L. Lucas, the venture capitalist who had groomed billionaire software entrepreneur Larry Ellison and helped him take Oracle Corporation public in the mid-1980s.Lucas and Ellison had both put some of their own money into Theranos.Another board member with a sterling reputation was Channing Robertson, the associate dean of Stanford’s School of Engineering. Her voice added to the mesmerising effect: she spoke in an unusually deep baritone.Mosley decided to let the meeting run its natural course before bringing up his concerns. His first job was at chipmaker Intel, one of the Valley’s pioneers. Or so the slide deck said. As long as the system showed a result, he was happy.Elizabeth was back from Switzerland a few days later. It was kind of a crapshoot, actually, he said. TIM Kemp had good news for his team. What Shaunak had just described sounded like a sham. For one thing, in his eight months at Theranos, he’d never laid eyes on the pharmaceutical contracts. She had the presence of someone much older than she was. If Theranos could make itself indispensable to them and capture a fraction of that spending, it could make a killing.Elizabeth had asked him to put together some financial projections she could show investors. Besides, the venture capitalists start-ups courted for funding knew that start-up founders overstated these forecasts. For one thing, in his eight months at Theranos, he’d never laid eyes on the pharmaceutical contracts.
This would reduce pharmaceutical companies’ research costs by as much as 30 per cent. The chairman of her board was Donald L. Lucas, the venture capitalist who had groomed billionaire software entrepreneur Larry Ellison and helped him take Oracle Corporation public in the mid-1980s. Then he would transfer the blood to a white plastic cartridge the size of a credit card. And it always did.Elizabeth was back from Switzerland a few days later. We can’t keep doing that.”Elizabeth’s expression suddenly changed. Shaunak had a Ph.D in chemical engineering. New directors might join the board to reflect the growing roster of investors, she told him.
If the results indicated a bad reaction to the drug, the drug’s maker would be able to lower the dosage immediately rather than wait until the end of the trial. It was part of the game. If those came to fruition, revenues could eventually reach $1.5 billion, according to the PowerPoint presentation.Elizabeth Holmes was great at selling her brand to the world and received accolades for her business acumen. If Theranos could make itself indispensable to them and capture a fraction of that spending, it could make a killing.Theranos had already secured huge partnerships with companies such as Walgreens (pictured here in 2013).Elizabeth had asked him to put together some financial projections she could show investors. Theranos also had a strong management team. When he did, Elizabeth admitted that there had been a problem, but she shrugged it off. That was certainly what the investors he brought by were led to believe. It extracted a data signal from the cartridge and beamed it wirelessly to a server that analysed the data and beamed back a result.
A slide deck listed six deals with five companies that would generate revenues of $120 million to $300 million over the next eighteen months. The employees she brought with her had stayed up all night trying to get it to work. By any measure, it was a resounding success: the company had raised another $32 million from investors, on top of the $15 million raised in its first two funding rounds. She sauntered around with a smile on her face, more evidence that the trip had gone well, Mosley figured. Tim Kemp was in charge of bioinformatics at Theranos (and formerly at IBM) he was chiefly responsible (at Holmes's behest) for faking results in order to garner financial support for Theranos.
The former IBM executive was in charge of bioinformatics at Theranos, a startup with a cutting-edge blood-testing system. It was almost hypnotic. When he entered her office, he was immediately reminded of her charisma. Lucas and Ellison had both put some of their own money into Theranos.Another board member with a sterling reputation was Channing Robertson, the associate dean of Stanford’s School of Engineering. When he entered her office, he was immediately reminded of her charisma. Shaunak had a Ph.D. in chemical engineering. New directors might join the board to reflect the growing roster of investors, she told him.Mosley saw an opening to broach the trip to Switzerland and the office rumours that something had gone wrong. Didn’t it always seem to work when investors came to view it? It was OK to be optimistic and aspirational when you pitched investors, but there was a line not to cross. Theranos had just closed its third round of funding.
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