September 2014: Holmes named one of the richest women in America by Forbes The original plan had been to make Theranos’ testing available at Walgreens locations nationwide. The first Theranos Wellness Center location opens in a Walgreens in Palo Alto where consumers can access Theranos’ blood test. September 2013: Holmes opens up about Theranos announces Walgreens partnershipĪ decade after first starting the company, Holmes takes the lid off Theranos and courts media attention the same month that Theranos and Walgreens announce they’ve struck up a long-term partnership. Balwani had enjoyed a successful career in the software industry, and following the sale of his e-commerce startup, was pursuing an MBA. Balwani, roughly 20 years older than Holmes, first met her in 2002 through a program in Beijing to learn Mandarin. September 2009: Ramesh “Sunny” Balwani joins Theranosīalwani guarantees a $10 million loan to Theranos and soon after takes on a formal role at the startup. The name is a combination of the words “therapy” and “diagnosis.” Holmes, a Stanford University sophomore studying chemical engineering, drops out of school to pursue her startup, Theranos, which she founded in 2003 at age 19.

March 2004: Holmes drops out of Stanford to pursue Theranos Here are the highlights of the rise and fall of Theranos. In 2018, Holmes and Balwani were each charged with a dozen counts of wire fraud and conspiracy to commit wire fraud. Then came a Wall Street Journal investigation into the company, which called into question the company’s testing methods and the capabilities of its technology.

She attracted hundreds of millions of dollars in funding, a board of well-known political figures, and key retail partners. Theranos promised patients the ability to test for conditions like cancer and diabetes with just a few drops of blood. With that promise, it attracted $945 million in financing, a board of well-known political figures and prominent retail partners.Ī Stanford University dropout, Holmes – inspired by her own fear of needles – started the company at the age of 19, with a mission of creating a cheaper, more efficient alternative to a traditional blood test.

Theranos claimed its technology could accurately and efficiently test for conditions like cancer and diabetes with just a few drops of blood. Their trials marked the final chapter for Theranos, a startup once valued at $9 billion and lauded for its promise to upend the healthcare industry. Four years after the top two Theranos executives, Elizabeth Holmes and Ramesh “Sunny” Balwani, were first indicted together on a dozen federal fraud charges stemming from their time heading up the failed blood testing startup, both have been convicted by juries.

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