Bad Blood: Secrets and Lies in a Silicon Valley Startup

☉ [PDF / Epub] ☆ Bad Blood: Secrets and Lies in a Silicon Valley Startup By John Carreyrou ❤ – Santosangeles.co Prologue NovemberTim Kemp had good news for his teamThe former IBM executive was in charge of bioinformatics at Theranos a startup with a cutting edge blood testing system The company had just complet☉ [PDF / Epub] ☆ Bad Blood: Secrets and Lies in a Silicon Valley Startup By John Carreyrou ❤ – Santosangeles.co Prologue NovemberTim Kemp had good news for his teamThe former IBM executive was in charge of bioinformatics at Theranos a startup with a cutting edge blood testing system The company had just complet Prologue NovemberTim Kemp had good news for Secrets and PDF/EPUB ì his teamThe former IBM executive was in charge of bioinformatics at Theranos a startup with a cutting edge blood testing system The company had just completed its first big live demonstration for a pharmaceutical company Elizabeth Holmes Theranoss twenty two year old founder had flown to Switzerland and shown off the systems capabilities to executives at Novartis the European drug giant Elizabeth called me this morning Kemp wrote in an email to his fifteen Bad Blood: Epub / person team She expressed her thanks and said that it was perfect She specifically asked me to thank you and let you all know her appreciation She additionally mentioned that Novartis was so impressed that they have asked for a proposal and have expressed interest in a financial arrangement for a project We did what we came to do This was a pivotal moment for Theranos The three year old startup had progressed from an ambitious idea Holmes had dreamed up in Blood: Secrets and PDF Ç her Stanford dorm room to an actual product a huge multinational corporation was interested in usingWord of the demos success made its way upstairs to the second floor where senior executives offices were located One of those executives was Henry Mosley Theranoss chief financial officer Mosley had joined Theranos eight months earlier in March A rumpled dresser with piercing green eyes and a laid back personality he was a veteran of Silicon Valleys technology scene After growing up in the Washington DC Blood: Secrets and Lies in MOBI :è area and getting his MBA at the University of Utah hed come out to California in the late s and never left His first job was at chipmaker Intel one of the Valleys pioneers Hed later gone on to run the finance departments of four different tech companies taking two of them public Theranos was far from his first rodeo What had drawn Mosley to Theranos was the talent and experience gathered around Elizabeth She might be young but she was surrounded by an all star cast 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 s 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 Stanfords School of Engineering Robertson was one of the stars of the Stanford faculty His expert testimony about the addictive properties of cigarettes had forced the tobacco industry to enter into a landmark billion settlement with the state of Minnesota in the late s 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 Kemp had spent thirty years at IBM Diane Parks Theranoss chief commercial officer had twenty five years of experience at pharmaceutical and biotechnology companies John Howard the senior vice president for products had overseen Panasonics chip making subsidiary It wasnt often that you found executives of that caliber at a small startup It wasnt just the board and the executive team that had sold Mosley on Theranos though 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 If Theranos could make itself indispensable to them and capture a fraction of that spending it could make a killingElizabeth had asked him to put together some financial projections she could show investors The first set of numbers hed come up with hadnt been to her liking so hed revised them upward He was a little uncomfortable with the revised numbers but he figured they were in the realm of the plausible if the company executed perfectly Besides the venture capitalists startups courted for funding knew that startup founders overstated these forecasts It was part of the game VCs even had a term for it the hockey stick forecast It showed revenue stagnating for a few years and then magically shooting up in a straight line The one thing Mosley wasnt sure he completely understood was how the Theranos technology worked When prospective investors came by he took them to see Shaunak Roy Theranoss cofounder Shaunak had a PhD in chemical engineering He and Elizabeth had worked together in Robertsons research lab at Stanford Shaunak would prick his finger and milk a few drops of blood from it Then he would transfer the blood to a white plastic cartridge the size of a credit card The cartridge would.

Slot into a rectangular box the size of a toaster The box was called a reader It extracted a data signal from the cartridge and beamed it wirelessly to a server that analyzed the data and beamed back a result That was the gist of it When Shaunak demonstrated the system to investors he pointed them to a computer screen that showed the blood flowing through the cartridge inside the reader Mosley didnt really grasp the physics or chemistries at play But that wasnt his role He was the finance guy As long as the system showed a result he was happy And it always did Elizabeth was back from Switzerland a few days later She sauntered around with a smile on her faceevidence that the trip had gone well Mosley figured Not that that was unusual Elizabeth was often upbeat She had an entrepreneurs boundless optimism She liked to use the term extra ordinary with extra written in italics and a hyphen for emphasis to describe the Theranos mission in her emails to staff It was a bit over the top but she seemed sincere and Mosley knew that evangelizing was what successful startup founders did in Silicon Valley You didnt change the world by being cynicalWhat was odd though was that the handful of colleagues whod accompanied Elizabeth on the trip didnt seem to share her enthusiasm Some of them looked outright downcast Did someones puppy get run over Mosley wondered half jokingly He wandered downstairs where most of the companys sixty employees sat in clusters of cubicles and looked for Shaunak Surely Shaunak would know if there was any problem he hadnt been told about At first Shaunak professed not to know anything But Mosley sensed he was holding back and kept pressing him Shaunak gradually let down his guard and allowed that the Theranosas Elizabeth had christened the blood testing system didnt always work It was kind of a crapshoot actually he said Sometimes you could coax a result from it and sometimes you couldnt This was news to Mosley He thought the system was reliable Didnt it always seem to work when investors came to view it Well there was a reason it always seemed to work Shaunak said The image on the computer screen showing the blood flowing through the cartridge and settling into the little wells was real But you never knew whether you were going to get a result or not So theyd recorded a result from one of the times it worked It was that recorded result that was displayed at the end of each demo Mosley was stunned He thought the results were extracted in real time from the blood inside the cartridge That was certainly what the investors he brought by were led to believe What Shaunak had just described sounded like a sham It was OK to be optimistic and aspirational when you pitched investors but there was a line not to cross And this in Mosleys view crossed it So what exactly had happened with Novartis Mosley couldnt get a straight answer from anyone but he now suspected some similar sleight of hand And he was right One of the two readers Elizabeth took to Switzerland had malfunctioned when they got there The employees she brought with her had stayed up all night trying to get it to work To mask the problem during the demo the next morning Tim Kemps team in California had beamed over a fake result Mosley had a weekly meeting with Elizabeth scheduled for that afternoon When he entered her office he was immediately reminded of her charisma She had the presence of someone much older than she was The way she trained her big blue eyes on you without blinking made you feel like the center of the world It was almost hypnotic Her voice added to the mesmerizing effect she spoke in an unusually deep baritoneMosley decided to let the meeting run its natural course before bringing up his concerns Theranos had just closed its third round of funding By any measure it was a resounding success the company had raised another million from investors on top of the million raised in its first two funding rounds The most impressive number was its new valuation one hundred and sixty five million dollars There werent 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 A slide deck listed six deals with five companies that would generate revenues of million to million over the next eighteen months It listed another fifteen deals under negotiation If those came to fruition revenues could eventually reach billion according to the PowerPoint presentationThe pharmaceutical companies were going to use Theranoss blood testing system to monitor patients response to new drugs The cartridges and readers would be placed in patients homes during clinical trials Patients would prick their fingers several times a day and the readers would beam their blood test results to the trials sponsor If the results indicated a bad reaction to the drug the drugs maker would be able to lower the dosage immediately rather than wait until the end of the trial This.

Bad Blood: Secrets and Lies in a Silicon Valley Startup

Bad Blood: Secrets and Lies in a Silicon Valley Startup Is a well known author some of Secrets and PDF/EPUB ì his books are a fascination for readers like in the Bad Blood Secrets and Lies in a Silicon Valley Startup book this is one of the most wanted John Carreyrou author readers around the world.

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Elizabeth was often upbeat She had an entrepreneurs boundless optimism She liked to use the term extra ordinary with extra written in italics and a hyphen for emphasis to describe the Theranos mission in her emails to staff It was a bit over the top but she seemed sincere and Mosley knew that evangelizing was what successful startup founders did in Silicon Valley You didnt change the world by being cynicalWhat was odd though was that the handful of colleagues whod accompanied Elizabeth on the trip didnt seem to share her enthusiasm Some of them looked outright downcast Did someones puppy get run over Mosley wondered half jokingly He wandered downstairs where most of the companys sixty employees sat in clusters of cubicles and looked for Shaunak Surely Shaunak would know if there was any problem he hadnt been told about At first Shaunak professed not to know anything But Mosley sensed he was holding back and kept pressing him Shaunak gradually let down his guard and allowed that the Theranosas Elizabeth had christened the blood testing system didnt always work It was kind of a crapshoot actually he said Sometimes you could coax a result from it and sometimes you couldnt This was news to Mosley He thought the system was reliable Didnt it always seem to work when investors came to view it Well there was a reason it always seemed to work Shaunak said The image on the computer screen showing the blood flowing through the cartridge and settling into the little wells was real But you never knew whether you were going to get a result or not So theyd recorded a result from one of the times it worked It was that recorded result that was displayed at the end of each demo Mosley was stunned He thought the results were extracted in real time from the blood inside the cartridge That was certainly what the investors he brought by were led to believe What Shaunak had just described sounded like a sham It was OK to be optimistic and aspirational when you pitched investors but there was a line not to cross And this in Mosleys view crossed it So what exactly had happened with Novartis Mosley couldnt get a straight answer from anyone but he now suspected some similar sleight of hand And he was right One of the two readers Elizabeth took to Switzerland had malfunctioned when they got there The employees she brought with her had stayed up all night trying to get it to work To mask the problem during the demo the next morning Tim Kemps team in California had beamed over a fake result Mosley had a weekly meeting with Elizabeth scheduled for that afternoon When he entered her office he was immediately reminded of her charisma She had the presence of someone much older than she was The way she trained her big blue eyes on you without blinking made you feel like the center of the world It was almost hypnotic Her voice added to the mesmerizing effect she spoke in an unusually deep baritoneMosley decided to let the meeting run its natural course before bringing up his concerns Theranos had just closed its third round of funding By any measure it was a resounding success the company had raised another million from investors on top of the million raised in its first two funding rounds The most impressive number was its new valuation one hundred and sixty five million dollars There werent 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 A slide deck listed six deals with five companies that would generate revenues of million to million over the next eighteen months It listed another fifteen deals under negotiation If those came to fruition revenues could eventually reach billion according to the PowerPoint presentationThe pharmaceutical companies were going to use Theranoss blood testing system to monitor patients response to new drugs The cartridges and readers would be placed in patients homes during clinical trials Patients would prick their fingers several times a day and the readers would beam their blood test results to the trials sponsor If the results indicated a bad reaction to the drug the drugs maker would be able to lower the dosage immediately rather than wait until the end of the trial This.

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