Thyrocare boss recalls how he was asked to compare himself to fallen Silicon Valley star Elizabeth Holmes

Thyrocare founder Dr A Velumani was asked by investors how he compared himself to Elizabeth Homes.

When diagnostic laboratory chain Thyrocare made its initial public offering (IPO) in 2016, its founder, Dr A Velumani, faced several questions from investors.

One question that he strikingly remembers compared him to Elizabeth Holmes, the fallen US biotech star, who was convicted on Monday of defrauding investors in her blood-testing start-up Theranos.

Recalling the question from nearly six years ago, Dr A Velumani tweeted, “March 2016. IPO roadshow. 100+ meetings. All healthcare analysts of anchor investors asked same Q: how do you compare yourself with her? I did not have an answer.”

The Tamil Nadu-born scientist and entrepreneur ended his post with two “weary face” emojis.

March 2016. IPO roadshow. 100+ meetings. All healthcare analysts of anchor investors asked same Q: how do you compare yourself with her? I did not have an answer. pic.twitter.com/bkjOiq5obq

— Dr. A. Velumani.PhD. (@velumania) January 5, 2022

In June last year, Thyrocare, which was founded in 1995, sold 66.1 per cent controlling stake online pharmacy PharmEasy.

Holmes, 37, was found guilty of tricking investors into pouring money into what she said was a revolutionary testing system. The court, however, acquitted her on some charges, and failed to agree on others.

She faces the possibility of 20 years behind bars for each conviction.

In 2015, a series of explosive articles in The Wall Street Journal and a regulatory audit of Theranos's lab uncovered potentially dangerous flaws in the company's technology, leading to the company's eventual collapse.

In the trial, jurors took seven days of deliberations to reach their verdict, finding her guilty of four counts of tricking investors into pouring money into what she claimed was a revolutionary testing system. The trial took place at a federal courthouse in San Jose, the heart of Silicon Valley.

Holmes personally put the logos of pharma giants Pfizer and Schering-Plough, without their permission, onto Theranos reports hailing the company's blood-testing technology, which were then shared with investors.

(With inputs from AFP)