San Jose, CA — Elizabeth Holmes, founder of Theranos, testified on Monday that he believed blood test startups could eventually develop battlefield technology, but dismissed accusations of promoting use by the U.S. military. ..
Holmes, 37, pleaded not guilty to nine transfer frauds and two plots. She has been accused of lying about Theranos. Theranos advertised a technology that would be able to perform diagnostic tests faster and more accurately than traditional lab tests using a drop of blood from a finger puncture wound.
Prosecutors claim that one of the ways Holmes misleaded investors was to make them believe that Theranos devices were being used in the field by the US military.
Holmes said in his testimony on Day 4 that he believed he had never claimed that Theranos equipment was used in military medical evacuation helicopters.
Instead, Holmes said she sometimes talked about military contracts, but emphasized the company’s retail business.
Holmes also signed a 2012 agreement with the U.S. Central Army that a currently non-functional company will create a test device at Bagram Air Force Base in Afghanistan after spending tens of millions of dollars on the project. He said he was disappointed at what he couldn’t do.
“But I kept believing that it could be seen through,” she said.
Like other witnesses who appeared during the trial, Holmes testified from behind a transparent divider without wearing a face mask.
Once worth $ 9 billion, Theranos pushed Stanford University dropout Holmes to stardom in Silicon Valley. After the Wall Street Journal published a series of articles from 2015, Theranos collapsed, suggesting that the device was defective and inaccurate. She was indicted in 2018.
Deputy US lawyer Stephanie Hind was in court watching Holmes testify on Monday. Holmes’ cross-examination will begin in the afternoon.
Holmes last week denied lying to Walgreens’ drugstore chain about its technology and provided grounds for refraining from important business and internal reporting details.
Since the trial began in September, a San Jose jury has made Holmes trick investors between 2010 and 2015 and Theranos to make the test commercially available, including a partnership with Walgreens. He heard evidence that the prosecutor said he would prove that he had deceived the patient.
The prosecutor at the opening statement said Holmes turned to fraud after the drug company lost interest in Theranos technology. Her lawyer told the jury that Holmes was a young, hard-working entrepreneur whose company had failed.
Holmes testifies that she believes Theranos has achieved its goal of being a miniaturized device that makes diagnostic tests cheaper and more accessible, affirming early efforts with pharmaceutical companies, including Pfizer. Results are shown.
She also said plans to place Theranos devices in Walgreens stores face regulatory and logistical challenges.
During the trial, the jury also heard testimony from more than 20 prosecutors, including patients and investors, who said the prosecutor had deceived Holmes.
Former Theranos Chief Operating Officer Ramesh “Sunny” Balwani has also been charged and will be brought to a separate trial next year. Holmes briefly testified last week that the acquitted Balwani had created a financial forecast to share with investors.
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https://technology.inquirer.net/113507/holmes-downplays-claims-theranos-technology-used-by-us-military Holmes downplays Theranos technology used by the U.S. military