do you stand behind theranos?mily: what do you think about this bubble talk right now and valuations? are we at peak unicorn right now? steve: every time you ask a question like that, somewhere a fairy dies. [laughter] steve: the unicorn fairy. you have to believe in them. i don't know. it is interesting how the private funding world is reaching valuations we have not seen before. since we had dfj focus on early-stage investing and growth stage investing that is way before the unicorn phase. we are fine if people want to invest at those kinds of prices. in fact, two companies i am involved with on the board just got offers at this new unicorn phase, so new unicorns are being born every week. but it doesn't really mean anything. i think what is interesting is that ipo window may be shutting. emily: is it closed? steve: it seems that way, certainly for biotech stocks. emily: i have to ask you about theranos. dfj was an early investor in theranos, now at a $10 billion valuation. do you stand behind theranos? would yo

dfj was an investor in theranos, now at a $10 billion valuation. do you stand behind theranos? you invest again? steve: we stand behind them and that we are investors and want them to succeed, but we don't have the answers to the questions swirling around, which is can i give you an answer to the questions others have? i can't do that. i remember meeting her, elizabeth holmes, when she was still a stanford student. she started the company with great passion. i remember my partner 10 saying in the first meeting, she is like steve jobs. this is long before she was wearing the black turtlenecks. i did not see what he was referring to, i even wrote it down on a piece of paper. but it was fascinating. she had that mesmerizing deal to revolutionize. there were these special kinds of needles. we were the very first check, we wrote a $500,000 check before anyone else, but she has been so independent and has been going at it on her own. so i don't have the answer to your question. emily: you guys have such a tough job because you want to invest in breakthrough technology. how do you at

meanwhile, theranos has simply split hairs and not answered the big questions.doling her out to all kinds of conference stages, cover story in business week, none of which really answers the questions anymore than the wall street journal original piece did. at the same time, fortune magazine, which is the first publication that really gave her a big boost in june 2014, put her on the cover and started the whole flurry of media attention. they published a piece last week by the author of the original piece with the headline being, how theranos misled me. he talks about how they really misled him about whether they were testing with their own technology or with more conventional technologies, and they still did not answer his questions about that when he went back to them last week. the problem is, it's a great company with a fantastic vision, but is simply not answering the questions that people want answers to. emily: i read the piece you mentioned and we are still waiting for the data which they have said they will reveal about how well their technology actuall

what is the fate of elizabeth holmes and theranos? both of those interviews were great.king extraordinary claims, time and time again the wall street journal did a deep investigation and found there was really good reason to question the claims they had been making. the wall street journal continues to uncover new questions. has simply'seranos lit hairs and not answered the big questions. they are doling her out to all kinds of conference stages, cover story in business week, none of which really answers the the wall anymore than street journal original piece did. at the same time, fortune magazine, which is the first publication that really gave her a big boost in june 2014, put her on the cover and started the whole flurry of media attention. they published a piece last week by the author of the original piece with the headline being, how theranos misled me. he talks about how they really misled him about whether they were testing with their own technology or more conventional technologies, and they still did not answer his questions about that when he went back to the

that ipo window may be shouting. .- shutting emily: i have to ask you about theranos.ld you invest again? steve: we don't yet have the answers to the questions that are swirling around now. remember meeting her when she was still a stanford student. was it homes. .- elizabeth holmes i rather my partner tim saying she is like steve jobs. she had that mesmerizing zeal to revolutionize. the entire field of medicine. these special kinds of needles and things. we wrote a $500,000 check before anyone else. she has been somewhat independent. i do have the answer. emily: you want to invest in breakthrough technologies. how do you have the earliest stages separate something possible from something impossible? steve: there are people walking in every day where someone has an idea that is equally exciting and you keep hearing about the potential. scratching your head like do i believe, do i think this could happen? the best partnerships are where believesre investor almost as passionately as the entrepreneur himself. was we invested in tesla, i absolutely committed that all vehic

. >> all right, blood testing disrupter theranos under fire for reportedly deleting data and alteringt results to make their devices appear more accurate. >> up next, we sit down with "the wall street journal" reporter who broke the story. "closing bell" coming back in two minutes. you pay your car insurance premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. watching tvs get sharper, you'v

has theranos does anything wrong? tests run relybly in arizona, the first state it was rolled out on. now, you say there's a probe. you reason you say there's a probe because that's what the wall street journal-- >> the journal reports that. >> that's irresponsible reporting. >> is that right. there's no probe going on? >> depends what you mean by a probe. this is a regulated industry. they're regulated all the time, there are complaints all the time and the government investigates them and the government haven't come back and said the rests are unreliable. one of the problems right now is that people look at a headline like this and they believe it and i don't know whether it's the 8th, 10th, 12th article in the wall street journal and i think it's unfortunate. i respect the journal, it's a great newspaper. they've got their facts terribly wrong in this particular instance and won't recognize it, they're just so dug in, just so dug in they just don't have an open mind. maria: i've met with elizabeth holmes, the ceo o

the company you've had some association with, what is the exact nature of your relationship where theranos? >> i'm not on my radar screen. i'm not aware of any contracts or how we deal with them. i am aware of how we ethically upgrade in the marketplace and i'm satisfied we ethically use specialty pharmacists in the way they should be used. >> they're the blood testing company. >> i don't think we have a particular relationship. >> so where does pfizer go from here? the street feels good from the r&d perspective. you've had good success. what's the next iteration? what does pfizer in 2020 look like? >> we've got a stated -- when i first came in i didn't talk about vision emission and later on we moved and we talked about purpose emission so our purpose is -- our submission to become the premier pharmaceutical company by the end of this decade and we described that as being highly respected, having people want to work for us, having life-saving medicines and being involved in conversations that the change or effect the juk which you are and outcome of the industry and having the right cultu

the blood testing company theranos fighting hard to stay out of that category, they are the subject ofloomberg businessweek cover story. i began by asking her about her impression of elizabeth holmes. guest: she is impressive. she is charismatic. she is bright. she is unflappable under pressure. she has this incredible personal story which people gravitated to. she is a stanford dropout. a prodigy. she learned mandarin on her own. she is persuaded this accomplished group of almost entirely male board members and investors to back her, including henry kissinger and larry ellison. i thought that was interesting. most are not in her field but they are very accomplished people, presumably good judges of character. she has been very skilled getting people to follow her on this quest she seems to be on. emily: the last my saw her was on this investigated story. how is she handling the scrutiny? guest: it has been upsetting for her. she was candid about that. she said it is hurting her feelings. she has had an impulse to try and figure out where these leaks are coming from and who is betrayin

♪ emily: i do want to talk about theranos, given your dealings with the fda. you think about elizabeth holmes? and the situation that is unfolding. anne: i have spent a lot of time with her. i have a lot of respect or her mission and what she is trying to do. i have stayed out of knowing the details of it. i think health care is changing quite a bit. i think that people are always going to be skeptical. the onus is on us to be very -- really transparent. emily: i understand what she is trying to do is hard. after 12 years, should it be -- more evil all evolved at this point? anne: i can walk into any center and i don't need a physician. i can just get my information. i think people just want to see and understand the technology and understand the data. i get that concern. people are making life-and-death calls based on this data. they want to understand the why. emily: this is a $10 billion company. people think it is a fraud. do you think it's a fraud? do you think this is possible? what she is trying to do? anne: i'm sure it's possible. everything i know, sh

big piece in the sunday journal shed some light on elizabeth holm's push to perfect technology at theranos. but the piece claims data was deleted to make it look better and the company is continuing to be plagued with problems. it has backers including larry ellison and draper fisher jerveson ventures. the whole piece is a sort of he said/she said. what some big pharma companies perceive to have happened with meetings with miss holmes and what she and the company actually said happened. there are still very big questions. >> i think as a start-up they have a higher hurdle, which is it's not just a technology whether people are going to live it or not, it's does it actually work, does it actually give you results. these could be life and death things as well. the stakes are much, much higher. the claims that they're making, you know, need to be met more succinctly. what i would look out for is where do the vcs stand on this. are they going to sort of distance themselves. are they going to write this off as, you know what, maybe this wasn't the best bet for us. >> the journal has done intere

along comes there in us -- theranos.say they want to make it possible to walk into a drugstore without a prescription, get a print on your finger and find out well in if you are going to have things, thisms or could also cut a lot of expense out of the health care industry. this is their promise. chang satown emily down with someone who is dealt with the transparency issues, specifically on diagnostic testing. >> in the system she is operating, she is never wired to have transparency people are asking or think that is part of this disconnect that is happening now, is the fda put out guidance or they are trying to regulate that whole industry. that will change everything. this is a pretty important and simple question, and that is, does it work? how does she demonstrate to the world that it does? tom: emerson up to make it worth $5 million. carla: an environment we are in now weather there is a demand an appetite for transparency, that is unprecedented, you have to get in front of these kinds of issues and you have to be