Several years ago, we realized that we had created an infrastructure that could, in fact,

make it possible to get rid of the lobotomy or the big tubes of blood that are drawn from

the arm in its entirety.

We began this work to establish what has the opportunity to be ultimately the largest

lab in the country.

And most importantly, to change the reality in lab testing today, which is that it's very

painful.

It was a few days before Christmas in 2013.

A group of investors was listening to Elizabeth Holmes speak on a hastily arranged conference

call.

The excitement was palpable.

After operating under the radar for a decade, Theranos was having its coming out party.

The company had recently unveiled its plans to roll out its innovative finger stick blood

tests in Walgreens' vast network of drug stores.

Thising a big opportunity, the assembled listeners were wrapped with attention.

Hosting the call was Chris Lucas, who headed a venture capital fund called Black Diamond

Ventures.

Lucas' fund had first invested in Theranos seven years earlier, in 2006.

Since then, the startup's stock price had exploded, making Black Diamond and other early

investors a lot of money.

Having Elizabeth wasn't shy about pointing out.

In other words, their investments had been multiplied by 91.

...