The former IBM executive was in charge of bioinformatics at Theranos, a startup with a cutting-edge blood-testing system.

She sauntered around with a smile on her face, more evidence that the trip had gone well, Mosley figured. The only problem was, the technology she was promoting didn’t work. Based on the few interactions Mosley had had with him, it was clear Robertson thought the world of Elizabeth.Theranos also had a strong management team. The former IBM executive was in charge of bioinformatics at Theranos, a startup with a cutting-edge blood-testing system.

Her cheerful demeanor of just moments ago vanished and gave way to a mask of hostility. Elizabeth was often upbeat. He was the finance guy. The cartridges and readers would be placed in patients’ homes during clinical trials. For one thing, in his eight months at Theranos, he’d never laid eyes on the pharmaceutical contracts. The former IBM executive was in charge of bioinformatics at Theranos, a startup with a cutting-edge blood-testing system.

He thought the system was reliable. The former IBM executive was in charge of bioinformatics at Theranos, a start-up with a cutting-­edge blood testing system.

Tim Kemp had good news for his team. “I think you should leave right now.”There was no mistaking what had just happened. That was certainly what the investors he brought by were led to believe. There weren’t many three-year-old startups that could say they were worth that much.One big reason for the rich valuation was the agreements Theranos told investors it had reached with pharmaceutical partners. The three-year-old startup had progressed from an ambitious idea Holmes had dreamed up in her Stanford dorm room to an actual product a huge multi-national corporation was interested in using.Word of the demo’s success made its way upstairs to the second floor, where senior executives’ offices were located.One of those executives was Henry Mosley, Theranos’s chief financial officer. Besides, the venture capitalists startups courted for funding knew that startup founders overstated these forecasts. He thought the system was reliable. Elizabeth was often upbeat. She had the presence of someone much older than she was. Diane Parks, Theranos’s chief commercial officer, had twenty five years of experience at pharmaceutical and biotechnology companies. Then he would transfer the blood to a white plastic cartridge the size of a credit card. The company had just completed its first big live demonstration for a pharmaceutical company. So they’d recorded a result from one of the times it worked. Patients would prick their fingers several times a day and the readers would beam their blood-­test results to the trial’s sponsor. He was the finance guy. “I think you should leave right now.”There was no mistaking what had just happened. Mosley wondered half-jokingly.He wandered downstairs, where most of the company’s 60 employees sat in clusters of cubicles, and looked for Shaunak.

Pharmaceutical companies spent tens of billions of dollars on clinical trials to test new drugs each year.

Sometimes you could coax a result from it and sometimes you couldn’t.This was news to Mosley.

The market it was going after was huge.Pharmaceutical companies spent tens of billions of dollars on clinical trials to test new drugs each year. His expert testimony about the addictive properties of cigarettes had forced the tobacco industry to enter into a landmark $6.5 billion settlement with the state of Minnesota in the late 1990s. She sauntered around with a smile on her face, more evidence that the trip had gone well, Mosley figured.

Sometimes you could coax a result from it and sometimes you couldn’t.This was news to Mosley.

She leveled a cold stare at her chief financial officer.“Henry, you’re not a team player,” she said in an icy tone. The new valuation, in particular, was a source of great pride.

It was like a switch had been flipped.

The first set of numbers he’d come up with hadn’t been to her liking, so he’d revised them upward. 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.

He wandered downstairs, where most of the company’s sixty employees sat in clusters of cubicles, and looked for Shaunak.

The box was called a reader.

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. Picture: Larry Busacca/Getty Images for GlamourIN 2014, Elizabeth Holmes, a young tech executive, was wowing both Silicon Valley and Big Pharma.

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. If Theranos could make itself indispensable to them and capture a fraction of that spending, it could make a killing. She was the picture of a relaxed and happy leader. He and Elizabeth had worked together in Robertson’s research lab at Stanford.Shaunak would prick his finger and milk a few drops of blood from it. When he entered her office, he was immediately reminded of her charisma. She had an entrepreneur’s boundless optimism. Theranos had just closed its third round of funding. Mosley didn’t really grasp the physics or chemistries at play. I think you should leave right now’Elizabeth Holmes, Theranos VCs even had a term for it: the hockey-stick forecast. This would reduce pharmaceutical companies’ research costs by as much as 30 per cent.

He and Elizabeth had worked together in Robertson’s research lab at Stanford.Shaunak would prick his finger and milk a few drops of blood from it. 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. The new valuation, in particular, was a source of great pride.


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