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What did the Edison do Theranos?
The blood would then be tested by another device, called the Edison. Theranos claimed that it could perform a wildly large number of tests, such as measuring glucose levels and detecting different types of antibodies, or even marijuana and opiates.
What did Theranos promise?
With a few drops of blood, Theranos promised that its Edison test could detect conditions such as cancer and diabetes quickly without the hassle of needles. Bigwigs from Henry Kissinger to general James Mattis sat on the board.
What did Theranos do wrong?
In March 2018 the US Securities and Exchange Commission charged Theranos, its CEO Elizabeth Holmes and former president Ramesh “Sunny” Balwani, claiming they had engaged in an “elaborate, years-long fraud” wherein they “deceived investors into believing that its key product – a portable blood analyzer – could conduct …
What is the Edison machine?
Theranos was a health-care company built around a device called the Edison, a desktop-printer-sized blood tester that purported to quickly perform hundreds of scans on a micro-dose of blood.
What was Theranos trying to do?
In 2003, Stanford University student Elizabeth Holmes founded the health care company Theranos. The goal of the company was to revolutionize health care. Beginning with the goal of creating a patch to deliver drugs, the company instead shifted focus to developing a simple and effective method for blood diagnosis.
What was Theranos goal?
What is an Edison machine?
The Edison Machine Works was a manufacturing company set up to produce dynamos, large electric motors, and other components of the electrical illumination system being built by Thomas A. Edison in New York City.
How old is Elizabeth Holmes Theranos?
About 18 years (2003)
Theranos/Age
What was Theranos revolutionary new idea?
She started developing lab-on-a-chip technology for blood tests, with the idea to start a company that would make blood tests cheaper, more convenient and accessible to consumers.
How does Theranos technology work?
Theranos claimed its technology was able to run a wide range of blood tests from a finger prick test, with just as much accuracy as a traditional test. The samples were collected inside a device called a nanotainer, which was then processed within a device called the Edison machine.
How did the Theranos machines actually work?
No one knew how the machines actually worked. When inspectors came, they were not allowed into the room where the Theranos machines were testing blood samples. This was because Theranos was using third party equipment, rather than Theranos products, to analyze the vast majority of patient tests.
How did thertheranos propagate the fraud of conventional laboratory testing?
Theranos was able to propagate the fraud of conventional laboratory testing by running many of its tests as an LDT, with conventional central-lab equipment.
What did the FDA find wrong with Theranos?
The FDA found fault with the blood collection device that was shipped between states (the Theranos ‘nanotainer’ device as an FDA Class II instead of Class I) and also found fault with an internal QMS is setup for audits properly.
Was Theranos too good to be true?
But this story of a Silicon Valley unicorn was too good to be true. An investigation by Wall Street Journal reporter John Carreyrou uncovered the truth that led to the company’s downfall. Holmes and former Theranos president Ramesh “Sunny” Balwani have been indicted on federal fraud charges.