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Long before Theranos became the poster child for Silicon Valley hubris, it was just a promising young startup in search of investors. Axios has obtained a confidential pitch deck from June 2006, when the blood-testing company was seeking $30 million for what it referred to as a "pre-IPO transaction."

Some highlights:

  • Theranos says its accuracy is comparable to "gold standards"
  • The business model seems to have been aimed at clinical and preclinical trials for pharma companies, rather than at broader consumer market.
  • Early investors included Victor Palmieri, a financier who helped sell Donald Trump what would become the Grand Hyatt in New York City.

Theranos would raise the money, and just two years later would be valued by investors at $9 billion. Since then, however, it's been almost all downhill. The first crack appeared in October 2015, when the Wall Street Journal reported that Theranos was not actually using its own technology to conduct most of its own blood tests. Subsequent stories would question the accuracy of Theranos blood tests, conditions of its labs and what it told business partners like Walgreens (which is currently suing the company for breach of contract). Federal regulators also would step in, ultimately banning Theranos founder and CEO Elizabeth Holmes from owning or operating a blood-testing lab.

But Theranos does still have at least one big defender in Tim Draper, who was one of the company's earliest investors. Here's his interview with Axios.

Go deeper

By the numbers: Leaving House

Expand chart
Data: House Press Gallery; Table: Danielle Alberti/Axios

Rep. Anthony Brown (D-Md.) is the latest House lawmaker to announce he won't seek re-election next year, bringing the total number of Democratic retirements to 13, compared to nine Republicans.

Why it matters: The increasing number of Democratic retirements — put against the backdrop of President Biden's sagging approval ratings and uncertainty about redistricting — is adding to concerns the party may not be able to keep its slim majority in the House.

Ohio sues Biden admin over reversal of Trump-era abortion referral ban

Ohio Attorney General Dave Yost. Photo: Justin Merriman/Getty Images

Ohio Attorney General Dave Yost filed a lawsuit against the Biden administration Monday over a Trump-era ban on abortion referrals that President Biden overturned earlier this month.

The big picture: The lawsuit aims to reinstate two measures included in the 2019 legislation that required federally funded family planning clinics to be "financially independent of abortion clinics," and refrain from referring patients for abortions.

Oklahoma Supreme Court temporarily blocks abortion restrictions

A pro-choice activist demonstrates outside the U.S. Supreme Court on Oct. 4, 2021. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Oklahoma Supreme Court on Monday temporarily blocked three abortion restrictions set to take effect on Nov. 1.

Why it matters: The laws would place new limits on medication-induced abortions and require doctors who perform abortions to attain board certification in obstetrics and gynecology.