I hate that I am writing about the disgraced Theranos founder in 2025.
However, the shadow of Elizabeth Holmes looms large, even from behind bars. Just when we thought the Theranos saga was behind us (for a few years at least), a new blood-testing startup emerged last week, founded by none other than Billy Evans, Holmes’ partner and father of her two (2) children.
The company, Haemanthus (named after the blood lily), has frantically tried to distance itself from Theranos and Holmes. “This is not Theranos 2.0,” the company declared on X, responding to reports that Holmes is advising from prison. “We use light to read the complete molecular story in biological fluids, seeing patterns current tests can’t detect. Not an improvement. A different paradigm.”
The company plans to first bring its technology to veterinary medicine and then expand into human applications.
However, as Theranos whistleblower Tyler Schultz astutely noted in STAT, “While Elizabeth has no legal affiliation with the company, her fingerprints and pricks are all over it.” His assessment cuts to the heart of the matter in that Holmes’ influence extends beyond legal definitions.
Consider the red flags:
- Evans, with no previous experience in medical diagnostics, launches a blood-testing company while his partner serves time for defrauding investors in… a blood-testing company.
- Haemanthus claims “zero involvement” from Holmes, yet she told People magazine just three months ago that she is writing patents from prison and plans to return to healthcare technology after her release.
“Nobody is going to give them any money,” my 17-year-old son said when I told him about Haemanthus. His youthful optimism is refreshing; however, the reality is more concerning. The company has already raised $3.5 million from family and friends and seeks another $15 million.
The cynical truth is that while Holmes is banned by the SEC from serving as an officer of any public company until 2028, nothing technically prevents her involvement with a private startup. And with her expected early release for good behavior, she could be free to officially join Haemanthus just as it hits its stride.
This situation transcends mere coincidence. Even if Holmes truly is not legally involved, the ethical implications are staggering. A startup in the same space, led by her partner, emerging while she serves time for fraud in that very industry? It is either audacious or naive – and neither quality belongs in medtech.
The story of Haemanthus is not just about a new blood-testing venture. It is about our industry’s memory, our willingness to learn from past disasters, and the uncomfortable question of whether Silicon Valley’s “move fast and break things” mentality belongs anywhere near healthcare. As Shultz warned, Holmes’ ability to craft a narrative should not be underestimated. The question is, will investors be wise enough to resist it this time?
REFERENCE: Medical Device and Diagnostic Industry (MD+DI); 19 MAY 2025; Amanda Pedersen