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On Monday, Elizabeth Holmes, the founder of blood test startup Theranos aimed to refute a key argument put forward by prosecutors in the fraud case: that his company lied about its work with pharmaceutical companies.
Somebody the most damning evidence Prosecutors argued against Ms. Holmes that Theranos had sent fake pharmaceutical company verification reports to investors. These reports featured the logos of drug manufacturers acting as proof that Theranos’ technology was validated by them. During the hearing, the investors testified that these reports helped persuade them to invest money in Ms. Holmes’ initiative.
However, representatives from Pfizer and Schering-Plough confirmed that their companies have never verified Theranos’ technology. (Pfizer’s representative said the company came to the opposite conclusion.) They also did not approve of adding their logo to the reports.
At the podium on Monday, Ms. Holmes testified about Theranos’ work with Merck, AstraZeneca, Centocor, Bristol Myers Squibb and others in 2008 and 2009. An exhibit showed internal documentation about the success of some of these early works and showed a map. Nearly a dozen cities around the world where Theranos’ machines are used for studies.
Ms. Holmes’ lawyer, Kevin Downey, also cited what Theranos calls a peer-reviewed journal that is currently publishing the results of a study with Stanford University. He did not say the name of the newspaper.
In each instance, she testified that Ms. Holmes understood the Theranos’ technology, “performing well.” In some instances, Theranos was paid for work done on the studies.
Throughout her trial, Ms. Holmes’ defense team sought to substantiate some truth in what Ms. Holmes had told investors.
Lance Wade, another of Holmes’ attorneys, said in his keynote address, “The truth of what happened at Theranos is more complex than anything you’ve ever heard about Elizabeth Holmes.” at the start of the trial in September.
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