Medical Technology

Holmes, the Founder of Theranos, Denies Misleading on Pfizer Partnership

SAN JOSE (Reuters) – Elizabeth Holmes, founder of Theranos has testified on Tuesday in her fraud trial that she didn’t intend to deceive the public about the work Theranos did with Pfizer Inc. Holmes added the logo of the drug maker to a report that Theranos had written.

Holmes was called to the stand again today to defend herself from accusations of lying about Theranos. Theranos had claimed that its technology could run diagnostic tests more quickly and accurately than traditional lab testing with blood samples taken from a puncture in the ear.

Prosecutors claim Holmes did not accurately portray its role in the pharmaceutical companies Schering-Plough and Pfizer by adding logos to company names in order to make Theranos conclusions appear like theirs.

Holmes admitted that she added logos to the reports before sending them to Walgreens which is a pharmacy operator. Walgreens was considering a partnership in 2010 with Theranos to communicate the drugmakers’ involvement and participation in promising research that utilize Theranos technology.

“I would have preferred to have done it differently,” Holmes said.

Holmes also confirmed that Holmes did not conceal the fact that the report was sent to Pfizer. Holmes showed jurors an email in which the report bearing the logo was sent to Pfizer employees in 2014.

Holmes, 37, previously spent two and a half hours on the stand at the courthouse in San Jose, California, discussing Theranos’ technology and its performance in the early research.

Once valued at $9 billion, Theranos collapsed after the Wall Street Journal published a series of articles beginning in 2015 that suggested its devices were flawed and inaccurate.

Holmes is adamant that her testifying is risky as she is exposed to possible tough cross-examination from prosecutors.

The trial has brought attention to Silicon Valley start-ups that often receive high valuations due to promises of future success instead of actual revenue or profit.

Holmes’ lawyer stated that Holmes was an entrepreneur who put in the work and her business was unsuccessful.

During the two-month trial jurors have heard from more than two dozen prosecution witnesses including investors and patients whom the prosecution claims Holmes has deceived.

Holmes has pleaded not guilty to nine wire fraud charges as well as two conspiracy charges.

Content Source: https://www.medscape.com/viewarticle/963552?src=rss

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