Elizabeth Holmes denies deception in criminal trial

San Jose, California (Associated Press)-Biotech Entrepreneur Elizabeth HolmesA former billionaire was accused of planning a large-scale medical scam. He expressed some regrets on the witness stand on Tuesday, but denied trying to hide it. she The company’s blood test method does not work she Has promised.

exist she On the third day of testifying during the high-profile criminal trial, Holmes Acknowledge that you made some mistakes as a CEO Seranos, a company she Was established in 2003 when she Only 19 years old.but she Repeatedly emphasized she most she Decisions are made with the help of other executives and a respected board of directors, which includes former cabinet members of each president’s government.

Holmes, Now 37 years old, also made it clear she Never stop believing Seranos It will revolutionize healthcare with a technology that should be able to detect various diseases and other problems by testing a few drops of blood.

“It has never been smooth sailing,” she testify. “There are always challenges.”

Seranos After a series of explosive articles in The Wall Street Journal and audits by federal regulatory agencies exposed the company’s blood tests with serious and potentially dangerous flaws, it eventually went bankrupt.Scandal obliterated Holmes‘Wealth, estimated at US$4.5 billion in 2014, when she It was the subject of a wonderful cover story for Fortune magazine.

Holmes deny she Designed to deceive anyone regarding the operation of its partnership with the partnership Walgreens, Intended to install Seranos Test equipment in 3,000 stores of this chain of pharmacies. Walgreens Inaccurate test results and findings Seranos Many of its samples are being tested on traditional diagnostic equipment-instead of using Seranos‘Edison equipment, it should provide faster and cheaper testing.

Holmes Talk about Seranos About to start running tests Walgreens shop, she Deliberately send them to a central laboratory for routine analysis. Holmes It is claimed that Edison was not designed to process large numbers of blood samples in large clusters.

she The testimony is inconsistent with previous witness testimony and the prosecutor’s allegations Seranos Due to Edison’s test failure and other problems, the traditional test was used instead. Seranos It has never told its customers that it uses ordinary test equipment instead of Edison.

Holmes Testify Seranos Keep silent because it created an “invention” that can process small blood samples on traditional testing machines.The company didn’t say Walgreens Or anyone else to protect trade secrets from being stolen by large mature testing companies, she claim. “They have more engineers than us,” Holmes Said.

A major problem remains Holmes‘Testimony-whether sheWill address she Claim in legal documents she Secretly manipulated she Ex-lover and Seranos‘Former Chief Operating Officer Sunny Balwani fell into unethical behavior.

In the court documents opened shortly before the trial in early September, HolmesThe lawyer accused Balwani of allowing Holmes to suffer “intimate partner abuse.”Balwani, who will face a separate fraud trial next year, denies these allegations in the following ways his lawyer.

According to reports, Balwani also formulated a series of financial forecasts, which have been the focus of the trial. Holmes. In the documents distributed to potential investors, Seranos It is estimated that the annual revenue in 2014 will be 140 million U.S. dollars, and the annual revenue in 2015 will be 990 million U.S. dollars. Other evidence provided during the trial indicates that the company has never come close to achieving these goals.

Holmes Confirmed that the 2015 revenue forecast is mainly based on the expected expansion to Walgreens The store that never came true.

former Seranos The CEO is indeed responsible for adding Pfizer, A major pharmaceutical manufacturer, responds to a report praising its effectiveness Seranos‘ technology.The decision is made internally Pfizer The report says Holmes Said she Have never seen doubts about reliability Seranos‘blood test.

“I wish I did differently,” Holmes Said.Several investors testified that seeing Pfizer’s logo in the report helped persuade them to invest Seranos.

Holmes Raised nearly 1 billion U.S. dollars after establishment Seranos in 2003. she In operating this Palo Alto, California company, he faced charges of defrauding investors, patients and business partners. If convicted, she May face up to 20 years in prison.

Holmes So far, he has been in the stands for 8 hours and will not return until the trial resumes after the Thanksgiving holiday break on Monday.

Copyright © 2021 The Washington Times, LLC.

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