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The BDV investment is the basis for one of 12 wire fraud counts in the indictment, each of which must be supported by evidence of an interstate telephone call or an electronic communication such as the wire transfer sent by BDV. She also managed to gather around her an unmatched board of directorsGeorge Shultz and Henry Kissinger, former US secretaries of state; William Perry, former US secretary of defense; James Mattis, current US secretary of defense; Channing Robertson, Stanford Engineering professor; Don Lucas, ace venture capitalist; David Boies, ace lawyer who made his name in the antitrust suit against Microsoft; Rupert Murdoch, media baron; former US Senators Sam Nunn and Bill Frist, who was also a doctor. He might come to the first few, but he would eventually lose interest or forget to show up. Now hes on a mission to prove that small businesses can scale up without selling out. (Note: When you buy something using the retail links in our stories, we may earn a small affiliate commission. Enraged, Holmes and Balwani called an employee meeting where Balwani said Holmes was building a religion and nonbelievers should resign. In 2010,Theranos approached Walgreens about putting the latest iteration of its device, the Edison, in blood testing centersin30 to 90 of its storesby mid-2011. Scientists rely on an arsenal of tech to sniff out just how nasty the problem is. Holmes wanted the device to work for home blood monitoring, but the late 2015 prototype the Theranos 1.0 was still a dysfunctional manifestation of her fantasies about a device. Holmes was determined to launch in Walgreens stores by September. "That goes against everything I believe in and I have a moral obligation to talk to you about the ethics," Arriola says in "The Dropout.". He expected them to be at his disposal at all hours of the day or night and on weekends. The proprietary Theranos devices it contained would take the lab industry by storm, like the Allied troops who braved hails of machine-gun fire on Normandys beaches to liberate Europe from Nazi occupation. The gender factor also played a role, as Carreyrou highlighted in his book: "There was a yearning to see a female entrepreneur break out and succeed on the scale that all . Henry, youre not a team player. In January 2013, Burd retired, having lost his companys trust due to Theranos. Holmes had abandoned her plan of putting the Theranos devices in Walgreens stores and operating them remotely, to avoid problems with the FDA. The engines werent really engines: They were nanotainers. Yes, and she did indeed model herself after him, down to the trademark black turtleneck and the intensity. Hemolysis was a known side effect of finger-stick collection. If necessary, they could fall back on regular venous draws, she told him. On her LinkedIn page, she describes herself as "a queer mother of three, Latinx lesbian of trans and nonbinary experience, working within our professional multicultural global community.". Balwani and Holmes viewed its conventional machines as dinosaurs that would soon be rendered extinct by Theranoss revolutionary technology, so they called it Jurassic Park. They called the downstairs room Normandy in reference to the D-day landings during World War II. Holmes and Balwani had been promising her for a year that all would be well once the company introduced its next-generation device, the 4S. Biography. A Look Inside Theranos' Dysfunctional Corporate Culture ", In pre-trial proceedings, Davila required the government to tell the defense exactly which tests "the Government claims Theranos was not capable of consistently producing.". Instead, she transmitted fake test resultsand called the demo a grand success. On that promise,sheraised almost $16 million. She brought in a new team to build a miniLab,including a spectrophotometer, a cytometer and an isothermal amplifier in addition to the Edisons photomultiplier tube. So she resigned. Blood would dry up in the little tubes and she and her colleagues often couldnt extract enough from them. The Edisons kept failing quality control tests, as Balwaniknew, but he still ordered lab workers to test patients blood. But no one had stopped to consider what implications this design would have with respect to one key variable: temperature. It is a risky approach, but if you hit the right spot, the payoff can be tremendous. The sight of it made him panic. But when CFO Henry Mosleytold Holmesshe had to stop misleading investors andclients, shefired him. In real life, Arriola has stayed out of the public eye and hasn't done any interviews about Theranos or Holmes since leaving the company. For instance, she insisted that the miniLab cartridges remain a certain size but kept wanting to add more assays to them. Holmes kept giving different reasons the Edison wasnt ready. This routine had drawn snickers behind his back from some colleagues. Here's the Witness List for Elizabeth Holmes' Theranos Fraud Trial In the first mode, the firm is intuitive it tries to identify the kinds of things that people need, or dont even know they need, but will just love it if they can get their hands on it (think microwave oven). Although it aspirated most of the sample, there was always some unused liquid left at the bottom. For his extensive coverage of Theranos, Carreyrou was awarded the George Polk Award for Financial Reporting, the Gerald Loeb Award for Distinguished Business and Financial Journalism in the category of beat reporting, and the Barlett & Steele Silver Award for Investigative Business Journalism.

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