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  "notes": "Uses historical stock charts to illustrate the 'crash and burn' thesis.",
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      "text": "Theranos is a cliche analogy among short-sellers, but we find it stunning how each of these “lab on a chip” scams has the same playbook: taking decades-old micro-fluidics technology and promoting it as something new. Micro-fluidics use an ancient CMOS semiconductor – known as a micro-array – to manipulate cells and fluids. The chips have been around for decades and are a $50 commodity. The micro-fluidics space is littered with IPO’s that spiked on early hype only to crash and burn. Affymetrix launched its “GeneChip” in 1994 and went public in 1996. Fluidigm launched its “Integrated Fluidics Circuits” in 2003 and went public in 2011. Both illustrate the horrific losses and tiny market caps in the space.",
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      "text": "Source: https://www.thermofisher.com/order/catalog/product/902113#/902113; https://www.researchgate.net/figure/A-4848CS-dynamic-array-showing-the-position-of-the-sample-inlets-and-the-assay-inlets_fig1_40037108; https://store.fluidigm.com/Genomics/ApplicationsGenomics/SingleCell/C1%E2%84%A2%20SingleCell%20Open%20App%E2%84%A2%202010%E2%80%932017%20C2%B5m",
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