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SAN JOSE, California (AP) – Biotech entrepreneur Elizabeth HolmesA former billionaire accused of concocting a major medical hoax expressed some remorse in the witness stand on Tuesday, but denied trying to hide it. him the company’s blood test methods didn’t work he He had promised.
Inside him the third day of deposition during the high-profile criminal trial, Holmes He admitted he made some mistakes as CEO theranos, a company he When it was founded in 2003 he he was 19 but he repeatedly emphasized he did most him make decisions with the help of a respected board that includes other executives and former cabinet members in various presidential administrations.
Holmes, now 37, also made it clear: he never stopped believing that theranos It would revolutionize healthcare with technology that was supposed to be able to detect a wide variety of diseases and other problems by testing just a few drops of blood.
“Never Smooth” he testified. “There are always difficulties.”
theranos It eventually collapsed after a series of explosive articles in The Wall Street Journal and an audit by federal regulators revealed serious and potentially dangerous flaws in the company’s blood tests. Scandal is gone HolmesEstimated wealth of 4.5 billion dollars in 2014 he It was the subject of a glowing cover story in Fortune magazine.
Holmes denied it he He intended to deceive anyone about the workings of his partnership with Walgreensaiming to establish theranos testing devices in 3,000 stores of the pharmacy chain. Walgreens problems with false test results and after its discovery ended this partnership. theranos was testing most of his samples on conventional diagnostic equipment – and theranosEdison device expected to provide faster and cheaper testing.
Holmes said when theranos was about to start running tests Walgreens Malls, he instead they deliberately sent it to a central laboratory for conventional analysis. Holmes He claimed that Edison was not designed to work in large batches to process large numbers of blood samples.
Him testimony contradicts previous witness testimony and prosecutors’ allegations theranos Due to testing errors and other issues with Edison, it switched to traditional testing. theranos he never told his clients that he was using ordinary test equipment instead of Edison.
Holmes testified theranos He remained silent as he created an “invention” that could process small blood samples in conventional testing machines. the company did not say Walgreens or anyone else to protect this trade secret from possible theft by a larger, established testing company, he He claimed. “They had more engineers than us” Holmes said.
One big question remains. Holmes‘ testify – whether heI will address him claim in legal applications he was secretly manipulated by him ex boyfriend and theranos‘ former chief of operations Sunny Balwani engaged in unethical behavior.
In court documents that were unsealed shortly before the start of the hearing in early September, HolmesLawyers accused Balwani of subjecting Holmes to “intimate partner abuse”. Facing a separate fraud case the next year, Balwani denied these allegations. her Lawyer.
Balwani has also prepared a series of financial projections, which are the focus of the case. Holmes. In documents distributed to prospective investors, theranos It projects annual revenue of $140 million in 2014 and $990 million in 2015. Other evidence presented during the trial showed that the company was never even remotely close to these goals.
Holmes Confirmed 2015 revenue forecast largely based on expected US expansion Walgreens stores that never happen.
Old theranos The CEO took responsibility for adding the company’s logo. Pfizer, a major drug manufacturer, to a report praising its effectiveness theranos‘ technology. This decision came after an internal investigation. Pfizer report this Holmes said he I’ve never seen him raise his doubts about his credibility. theranos‘Blood tests.
“I wish I had done it differently” Holmes said. Several investors said that seeing Pfizer’s logo in the report helped convince them to invest. theranos.
Holmes Raised nearly $1 billion after it was founded theranos in 2003. HE While running the Palo Alto, California company, he is accused of deceiving investors, patients and business partners. If found guilty, he He could face up to 20 years in prison.
Holmes He’s spent eight hours on the bench so far and won’t be back until Monday, when the hearing will resume after the Thanksgiving break.
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