Once the start-up darling of Silicon Valley, US biotech firm Theranos, claimed its technology could revolutionise the way blood was tested – by just a prick on your finger.
At its peak, it even had a USD$10 billion valuation, and over USD$700m was invested in the vision of its charismatic (now disgraced) young founder and former CEO, Elizabeth Holmes.
Theranos eventually dissolved in September 2018, with Holmes now in court facing up to 20 years in jail for fraud after a web of lies revealed the product’s actual capabilities, along with numerous reports of a hell-like work culture.
In light of the cannabis green rush that has reached New Zealand, there are some key lessons that Kiwi investors looking at early-stage medical technology opportunities can learn from Theranos’ blow up.
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