Anyone have any insight into how they were able to operate for so long without a formal medical advisory board? In my own experience, that was something that potential VCs wanted, either in place or in place shortly after financing happened.

Also interesting that the new governing board has (as far as I can see) zero medical expertise. The medical advisory board is still odd given Theranos' technology: Simons makes sense with a background in hematology, but Helfet doesn't make a lot of sense as an orthopedic trauma surgeon, nor does Frist (a carry-over from the old board) as a cardiothoracic surgeon, nor does Foege (another carry-over) as an epidemiologist. Personally, I'd expect to see perhaps a mix of hematologists and pathologists and endocrinologists, as well as some chemical and biomedical engineers and statisticians on a scientific advisory board.

I'm left scratching my head trying to figure out what sort of due diligence was performed. (edit: the tale of The Emperor's New Clothes does come to mind however)