0. THERANOS TIMELINE
Rise of Theranos Spurred by Revolutionary Idea from Founder Elizabeth Holmes
Timeline of Key Events at Theranos
2003
Elizabeth Holmes Leaves Stanford
The idea: Holmes wanted to create a hand-held device which took a minute amount of blood and tested for a range of diseases and health markers. She dropped out of Stanford to start Theranos.
Elizabeth Holmes Announces Creation of Testing Device
Holmes announced on the public-radio show BioTech Nation that she created the hand-held device.
Theranos Raises 70 M in Venture Capital
Holmes Raises 70 M with investments from Larry Ellison, CEO of Oracle, and other venture capital firms. By 2010, Theranos was valued at more than $1 billion.
Theranos Files Suit Against Former Employees
Theranos files suit against former employees for misappropriating trade secrets. Theranos asked to dismiss the case in January 2009.
Theranos Files Suit for Patent Theft
Theranos filed suit against Fuisz Pharma LLC for stealing patent files from McDermott Will & Emery LLP. The parties settled midtrial in 2014.
Theranos Enters the Public Space
Theranos begins offering tests to the public, along with a break out article in the Wall Street Journal, which hails Theranos as a major innovator in the health care space. The article quotes former Secretary of State George Shultz, a Theranos board member, that “Holmes could be the next Steve Jobs or Bill gates.” Walgreens and Safeway Inc. agreed to offer Theranos tests in store.
2005
2007
2011
2013
Sources: "Theranos Raises $28.5 M for Device Tracking Effects of Drugs on Patients," Venture Beat, December 7, 2006; Beth Winegarner, " Corrected: Patent Theft Trial Over McDermott Docs Settles", Law 360, March 17, 2014; John Carreyrou, "At Theranos, Many Strategies and Snags" Wall Street Journal, December 27, 2015; John Carreyrou, "Hot Startup Theranos Has Struggled with its Blood-Test Technology" Wall Street Journal, October 16, 2015; Roger Parloff, "Theranos Adds Startlingly Well-Qualified Medical Board", Fortune, April 7, 2016; Ron Leuty, "Theranos: The Biggest Biotech You've Never Heard Of", San Francisco Business Times, August 30, 2013; John Carreyrou, "FDA Inspectors Call Theranos Blood Vial 'Uncleared Medical Device'", Wall Street Journal, October 27, 2015; Arielle Duhaime-Ross, "US Government says Theranos Lab Poses 'Immediate Jeopardy to Patient Safety'", The Verge, January 27, 2015; John Carreyrou and Christopher Weaver, "Regulators Propose Banning Theranos Founder Elizabeth Holmes for at Least Two Years," Wall Street Journal, April 13, 3016; Reed Abelson and Andrew Pollack, "Theranos Under Federal Criminal Investigation Adding to its Woes", New York Times, April 18, 2016; Michael Siconolfi et al., "Walgreens Pulls Back from Theranos", Wall Street Journal, January 28, 2016.
April 19, | Emilia Varrone

1. THERANOS TIMELINE
Theranos Eventually Exposed for Violating Federal Laboratory Rules and Performing Tests With Poor Accuracy
Timeline of Key Events at Theranos (c0nt.)
2014
Investors Pump $633 Million into Theranos
A Theranos investing frenzy increases its valuation to about $9 billion.
Wall Street Journal Exposé
Former employees disclose that Theranos was using the revolutionary blood testing device, “Edison” for only 15 tests in Dec The employees also brought the accuracy of those tests into question. They also accused Theranos of failing to report negative results for the Edison which is a violation of federal rules for laboratories. The vast majority of tests that Theranos ran were on traditional machines - tests run on traditional machines have to be diluted, which introduces increased chance of error.
FDA orders Theranos to stop using Edison
FDA declared the nano-vial that Theranos used to collect blood an “uncleared medical device” and ordered Theranos to stop using Edison for all but one approved test (herpes).
CMS inspection results in reports of poor accuracy. Holmes Threatened with Injunction
CMS inspected the Newark, California laboratory and found 45 deficiencies. In January 2016, CMS threatened to pull certification of the lab, as officials found that Theranos failed to adequately correct 43 out of 45 deficiencies. After what federal health regulators have called an inadequate response, they proposed banning Holmes and Theranos’ president, Sunny Balwani, from the blood-testing business for at least two years. Theranos is no longer eligible to receive Medicare or Medicaid payments. Walgreens suspends partnership with Theranos
Oct 2015
Oct 2015
Fall March 2016
Sources: "Theranos Raises $28.5 M for Device Tracking Effects of Drugs on Patients," Venture Beat, December 7, 2006; Beth Winegarner, " Corrected: Patent Theft Trial Over McDermott Docs Settles", Law 360, March 17, 2014; John Carreyrou, "At Theranos, Many Strategies and Snags" Wall Street Journal, December 27, 2015; John Carreyrou, "Hot Startup Theranos Has Struggled with its Blood-Test Technology" Wall Street Journal, October 16, 2015; Roger Parloff, "Theranos Adds Startlingly Well-Qualified Medical Board", Fortune, April 7, 2016; Ron Leuty, "Theranos: The Biggest Biotech You've Never Heard Of", San Francisco Business Times, August 30, 2013; John Carreyrou, "FDA Inspectors Call Theranos Blood Vial 'Uncleared Medical Device'", Wall Street Journal, October 27, 2015; Arielle Duhaime-Ross, "US Government says Theranos Lab Poses 'Immediate Jeopardy to Patient Safety'", The Verge, January 27, 2015; John Carreyrou and Christopher Weaver, "Regulators Propose Banning Theranos Founder Elizabeth Holmes for at Least Two Years," Wall Street Journal, April 13, 3016; Reed Abelson and Andrew Pollack, "Theranos Under Federal Criminal Investigation Adding to its Woes", New York Times, April 18, 2016; Michael Siconolfi et al., "Walgreens Pulls Back from Theranos", Wall Street Journal, January 28, 2016.
April 19, | Emilia Varrone

2. Theranos Currently Faces Criminal Investigation
THERANOS TIMELINE
Theranos Currently Faces Criminal Investigation
Timeline of Key Events at Theranos (contd.)
April 2016
Theranos Adds Qualified Medical Board *April 2016*
Theranos formed a medical advisory board of highly-qualified members, including past presidents and board members of the American Association for Clinical Chemistry, a former director of the CDC, as well as numerous professors in clinical chemistry and pathology.
Theranos Faces Criminal Investigation by Federal Officials
The Justice Department requested documents from Theranos and have launched an investigation. The SEC is also investigating the company. Theranos has stated that they will cooperate fully with all investigations.
Sunny Balwani Leaves Theranos
Theranos president and chief operating officer Sunny Balwani leaves Theranos amid regulatory problems. Theranos expands its board with three members to increase its scientific and medical expertise. Balwani has been with Theranos since 2009.
April 2016
May 2016
Sources: "Theranos Raises $28.5 M for Device Tracking Effects of Drugs on Patients," Venture Beat, December 7, 2006; Beth Winegarner, " Corrected: Patent Theft Trial Over McDermott Docs Settles", Law 360, March 17, 2014; John Carreyrou, "At Theranos, Many Strategies and Snags" Wall Street Journal, December 27, 2015; John Carreyrou, "Hot Startup Theranos Has Struggled with its Blood-Test Technology" Wall Street Journal, October 16, 2015; Roger Parloff, "Theranos Adds Startlingly Well-Qualified Medical Board", Fortune, April 7, 2016; Ron Leuty, "Theranos: The Biggest Biotech You've Never Heard Of", San Francisco Business Times, August 30, 2013; John Carreyrou, "FDA Inspectors Call Theranos Blood Vial 'Uncleared Medical Device'", Wall Street Journal, October 27, 2015; Arielle Duhaime-Ross, "US Government says Theranos Lab Poses 'Immediate Jeopardy to Patient Safety'", The Verge, January 27, 2015; John Carreyrou and Christopher Weaver, "Regulators Propose Banning Theranos Founder Elizabeth Holmes for at Least Two Years," Wall Street Journal, April 13, 3016; Reed Abelson and Andrew Pollack, "Theranos Under Federal Criminal Investigation Adding to its Woes", New York Times, April 18, 2016; Michael Siconolfi et al., "Walgreens Pulls Back from Theranos", Wall Street Journal, January 28, 2016.
April 19, | Emilia Varrone