Pharmaguy's Insights Into Drug Industry News
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Pharmaguy's Insights Into Drug Industry News
Pharmaguy curates and provides insights into selected drug industry news and issues.
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Theranos Deceived Investors and Offers Them Shares Not to Sue! Can You Believe the Gall???

Theranos Deceived Investors and Offers Them Shares Not to Sue! Can You Believe the Gall??? | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Theranos allegedly misled company directors about its laboratory-testing practices, used a shell company to "secretly" buy commercial-lab equipment, and improperly created rosy financial projections for investors, according to newly unsealed court filings in a suit by one of its investors.

 

The Silicon Valley company--which once promised to revolutionize the blood-testing industry using tiny samples from finger pricks--also allegedly ran "fake 'demonstrations tests' for prospective investors and business partners" using commercial devices while pretending to showcase its own technology, according to the filings.

 

Theranos said the documents reflected a "one-sided filing by one party to litigation" and that it disagrees with much of what a hedge fund suing Theranos alleges in its complaint.

 

Meanwhile, the company plans to offer investors shares in the company in exchange for them not filing lawsuits against the embattled blood-testing company. LOL!

 

Further Reading:

  • “Not Only Investors, Patients Also Were Hurt by Criminal Theranos. Lock HER Up!”; http://sco.lt/8V3Qif
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Not Only Investors, Patients Also Were Hurt by Criminal Theranos. Lock HER Up!

Not Only Investors, Patients Also Were Hurt by Criminal Theranos. Lock HER Up! | Pharmaguy's Insights Into Drug Industry News | Scoop.it

A review of regulatory records and interviews with patients shows that Theranos, a Palo Alto, Calif., company didn’t just burn investors who bought into its promise to revolutionize the world of blood testing. It also left a trail of agonized patients who had been drawn to Theranos by its claims of convenience, low cost and reliability.

 

While inaccurate tests can occur at any laboratory, Theranos failed to maintain basic safeguards to ensure consistent results, according to regulators, independent lab directors and quality-control experts.

 

Questionable test results from Theranos caused some patients to become alarmed and others to adjust the amount of medicine they were taking. Rattled patients who told The Wall Street Journal they sought more information about their results said they got no response, and weeks or months passed before Theranos told many patients that their results were unreliable.

 

In all, Theranos said it issued “tens of thousands” of voided or revised test results to doctors or patients.

Pharma Guy's insight:

Related story: “Will Silicon Valley Startups & Empowered Patients Replace #BigPharma?”; http://sco.lt/9FmPDN

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