Health and Science

Kovacevich: I still believe in Theranos and its technology

Misinformation on Theranos: Kovacevich
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Misinformation on Theranos: Kovacevich

Theranos board member and former Wells Fargo CEO Dick Kovacevich said Thursday he still believes in the embattled blood-testing start-up and its technology.

Theranos is under investigation by several federal agencies amid questions about the viability of its core technology and deficiencies at its California lab. The company voided all test results produced in 2014 and 2015 by its core Edison technology, The Wall Street Journal reported last month.

Kovacevich said he believes there is a lot of misinformation circulating about the company and more accurate information will be coming soon.

"I think these are all normal things that happen with a start-up, and there's been excessive publicity for something that is not unusual in start-ups," he told CNBC's "Squawk Box."


Theranos reached a $9 billion valuation based on its proprietary Edison technology, which it claims can conduct a range of tests from just a few drops of blood.

On Wednesday, Forbes revised its estimate of Theranos founder Elizabeth Holmes' net worth to zero from $4.5 billion, based on the assessment of a dozen venture capitalists, analysts and industry experts that her company's valuation is now closer to $800 million.

In a statement to CNBC, Theranos said, "As a privately held company, we declined to share confidential information with Forbes. As a result, the article was based exclusively on speculation and press reports."