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The fraud trial of Theranos founder Elizabeth Holmes has run via its eleventh week.
In a shock transfer from the protection, Holmes took the stand late Friday afternoon.
This is the whole lot that occurred within the trial in its eleventh week.
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The prosecution restsProsecutors rested their case Friday after almost three months of testimony from 29 witnesses, together with docs, sufferers, buyers, and ex-employees.Holmes takes the standIn a shock transfer late Friday, the protection known as Holmes to testify. Holmes recalled her early imaginative and prescient for Theranos’ expertise to be a capsule, after which a patch, that would administer drugs; the concept modified to machines when she discovered “individuals have been excited about a benchtop or tabletop machine.””We labored for years with groups of scientists and engineers to miniaturize all of the applied sciences within the laboratory,” she testified.Holmes stated she met enterprise capitalist Donald Lucas throughout Theranos’ Sequence B spherical via somebody who went to varsity along with her father; she additionally described assembly subsequent buyers Chris Lucas and Oracle founder Larry Ellison.
Donald Lucas “started a really complete diligence course of,” she stated, based on CNBC. “He employed a regulation agency to evaluation our patents. He requested us to get an audit of our financials. He wished copies of our contracts.”Holmes stated she provided to place buyers in contact with pharmaceutical corporations that Theranos was working with and that Theranos had been in talks with Bristol Myers Squibb, Novartis, GlaxoSmithKline and Pfizer, signing contracts with the latter two in 2006. Holmes stated she instructed buyers about these contracts. Investor: Theranos “compelled us to depend on the representations they made”Prosecution witness Brian Grossman, of hedge fund PFM Well being Sciences LP, which invested $96 million in Theranos, recalled assembly Holmes in 2013 and being instructed the corporate’s expertise was being utilized by the army and main pharmaceutical corporations, based on The Verge. He additionally stated he took a Theranos check at a Walgreens and requested former COO and president Ramesh “Sunny” Balwani why it wasn’t a finger-stick check and why it took longer than marketed, based on The Wall Road Journal.”He instructed me one of many assessments my doctor had ordered was a extremely uncommon check,” Grossman testified.
Grossman stated Balwani denied his requests to talk with representatives from Walgreens and UnitedHealthcare, with which Theranos claimed to have a partnership. Grossman says Balwani’s refusals “compelled us to depend on the representations they made to us,” The Verge reviews.Affected person acquired false constructive HIV testErin Tompkins testified about taking a Theranos check at an Arizona Walgreens in 2015 that confirmed she had an HIV antibody. She stated she’d by no means been identified with HIV or AIDS earlier than and tried contacting somebody at Theranos’ lab concerning the end result however was by no means in a position to communicate with a scientist or medical skilled there, based on CNBC.”I used to be fairly emotional on the time,” she stated.Just a few months later, and once more this August, Tompkins took an HIV check elsewhere, testing unfavorable each occasions.
Reporter remembers interviews with HolmesJournalist Roger Parloff, whose 2014 Fortune cowl story on Theranos helped launch Holmes to prominence, stated Holmes instructed him firm machines may carry out assessments for 1,000 medical codes, based on CNN; Theranos’ web site stated it may carry out 200 assessments. In accordance with his testimony, Holmes denied any use of third-party machines. After a 2015 Wall Road Journal investigation discovered Theranos’ testing skills have been very restricted, Parloff requested Holmes what number of assessments Theranos machines may carry out as of the date listed within the article. Holmes responded, “50, 60, perhaps 70,” which Parloff says was the primary time he discovered the gadgets could not do the 200 assessments marketed, based on the Journal.You may compensate for Week 1 right here, Week 2 right here, Week 3 right here, Week 4 right here, Week 5 right here, Week 6 right here, and Week 7 right here, Week 9 right here, and Week 10 right here. You may learn how Holmes wound up on trial right here and see the record of potential witnesses right here. All the pieces else you have to know concerning the case is right here.
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