Tech

Elizabeth Holmes denies deception in her criminal trial | WGN Radio 720

San Jose, CA (AP) —Biotechnology entrepreneur Elizabeth Holmes, a former billionaire accused of committing a major medical fraud, expressed remorse at a witness stand on Tuesday, but her company’s She worked as promised, denying that the blood test method tried to hide that it wasn’t.

Holmes admitted on the third day of his famous criminal testimony that he made some mistakes as CEO of Theranos, founded in 2003 at the age of 19.Of a respected board of directors, including other executives and former ministers of various presidential administrations

Holmes, now 37, also revealed that Theranos continues to believe that it will revolutionize healthcare with technology that should be able to detect a variety of illnesses and other problems with just a few drops of blood. ..

“It’s never smooth,” she testified. “There are always challenges.”

Theranos eventually collapsed after a series of explosive articles in The Wall Street Journal and audits by federal regulators revealed serious and potentially dangerous flaws in the company’s blood tests. The scandal wiped out Holmes’ property, estimated at $ 4.5 billion in 2014, when she was the subject of Fortune magazine’s ardent cover story.

Holmes has denied intending to deceive anyone about the mechanism of the partnership with Walgreens aimed at installing Theranos test devices in 3,000 drugstore chains. Walgreens ended its partnership after discovering inaccurate test results and that Theranos was testing many of its samples with traditional diagnostic equipment. It wasn’t supposed to offer a faster and cheaper test than the Theranos Edison device.

According to Holmes, when Theranos tried to start testing at a Walgreens store, it was deliberately sent to a central laboratory for traditional analysis instead. Holmes argued that Edison was not designed to work in large clusters to process large blood samples.

Her testimony conflicts with previous witness testimony and prosecutor’s allegations that Theranos switched to traditional testing due to Edison’s test failure and other issues. Theranos never told its customers that it was using regular test equipment on behalf of Edison.

Holmes testified that Theranos kept silence because it created an “invention” that could process small blood samples with conventional testing machines. She claimed that the company did not instruct Walgreens or anyone else to protect its trade secrets from the possibility of theft by a larger, established test company. “They had more engineers than we did,” Holmes said.

Holmes’ testimony is a big question as to whether she will deal with her claim that she was secretly manipulated by unethical behavior by her former lover and former Chief Operating Officer of Theranos, Sunny Balwani. Remains.

Holmes’ lawyer accused Balwani of exposing Holmes to “intimate violence” in a court document opened shortly before the trial began in early September. Faced with another fraud trial next year, Balwani denied those allegations through his lawyer.

According to Holmes, Balwani also produced a series of financial forecasts that are the focus of the trial. Theranos, a document distributed to future investors, forecasts annual revenues of $ 140 million in 2014 and $ 990 million in 2015.

Holmes testified that the 2015 earnings forecast is largely based on the expected expansion to Walgreens stores that did not come true.

Former Theranos CEO was responsible for adding the logo of the leading pharmaceutical company Pfizer to reports praising the effectiveness of Theranos’ technology. The decision came after Pfizer’s internal report, which Holmes said she had never seen, expressed doubts about the reliability of Theranos’ blood tests.

“I wish I had done it differently,” Holmes said. Some investors testify that the Pfizer logo on the report helped convince them to invest in Theranos.

Holmes has raised nearly $ 1 billion since it founded Theranos in 2003. She faces allegations of tricking investors, patients and business partners while running a company in Palo Alto, California. If convicted, she can face up to 20 years in prison.

Holmes has spent eight hours on the stand so far and will not be back until Monday when the trial resumes after a Thanksgiving break.

Elizabeth Holmes denies deception in her criminal trial | WGN Radio 720

Source link Elizabeth Holmes denies deception in her criminal trial | WGN Radio 720

Related Articles

Back to top button