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Biotechnology entrepreneur Elizabeth Holmes, a former billionaire who was accused of a massive medical scandal in engineering, expressed some remorse Tuesday as a witness, but denied trying to hide that her company’s blood The test methods were not working as promised.

In her third day of testimony during the high-profile criminal trial, Holmes admitted to making some mistakes as CEO of Theranos, a company she founded in 2003 when she was just 19 years old. But he insisted time and again that he made most of his decisions with help. other officials and a respected board consisting of former cabinet members in various presidential administrations.


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Holmes, now 37, also made it clear that he never stopped believing that Theranos would revolutionize health care with a technology that could treat a wide range of diseases and other problems by testing just a few drops of blood. was able to find out.

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“It never gets smooth,” she testified. “There are always challenges.”

Theranos finally collapsed a series of explosive objects i An audit by the Wall Street Journal and federal regulators uncovered serious and potentially dangerous flaws in the company’s blood tests. The scandal wiped out the fortune of Holmes, which was estimated at $4.5 billion in 2014 when he was the subject of a dazzling cover story on Fortune magazine.

Holmes denies that she intended to deceive anyone about the workings of her partnership with Walgreens, which aims to install Theranos testing equipment in the drugstore chain’s 3,000 stores. Walgreens terminated that partnership after issues with inaccurate test results and it was revealed that Theranos was testing many of its samples on traditional diagnostic equipment — and not with Theranos’ Edison device, which is faster. and was supposed to provide less expensive testing.

Elizabeth Holmes trial: Theranos founder takes the stand

Holmes said that when Theranos was about to start running tests at Walgreens stores, he intentionally sent them to a central laboratory for conventional analysis. Holmes claimed that Edison was not designed to function in large groups to process large numbers of blood samples.

Her testimony contrasts with the testimony of previous witnesses and prosecutors’ allegations that Theranos switched to a traditional trial because of trial failures and other problems with Edison. Theranos never told its customers that it was using generic testing equipment instead of Edison.

Holmes testified that Theranos remained silent because he had created an “invention” that could process small blood samples on conventional testing machines. He claimed that the company did not disclose that trade secret to Walgreens or anyone else to protect it from potential theft by a large and established testing company. “They had more engineers than us,” Holmes said.

One big question remains in Holmes’ testimony — whether she will address her claim in the legal filing that she was being secretly manipulated into immoral behavior by her ex-boyfriend and former Chief Operating Officer of Theranos, Sunny Balwani.

Prosecutors Reveal Untruths in Elizabeth Holmes Trial, But Did They Prove Their Intent?

In unsealed court documents shortly before the trial began in early September, Holmes’ lawyers accused Balwani of “intimate partner abuse” to Holmes. Balwani, who faces a separate fraud trial next year, has denied those allegations through his lawyer.

According to Holmes, Balwani also prepared a series of financial projections, which have been the focus of the trial. In documents distributed to potential investors, Theranos estimated annual revenue of $140 million in 2014 and $990 million in 2015. Other evidence presented during the trial showed the company never came close to meeting those goals.

Holmes testified that the 2015 revenue forecast was based largely on an anticipated expansion in Walgreens stores that never materialized.

Elizabeth Holmes trial: Founder pinpoints the ‘big idea’ that led to the creation of Theranos

The former CEO of Theranos was responsible for adding the logo of a major drugmaker, Pfizer, to a report praising the effectiveness of Theranos’ technology. The decision comes after an internal report from Pfizer in which Holmes said he had never seen he had expressed doubts about the reliability of Theranos’ blood test.

“I wish I had done it differently,” said Holmes. Several investors testified that seeing the Pfizer logo on the report helped persuade them to invest in Theranos.

Holmes raised nearly $1 billion since founding Theranos in 2003. He is accused of defrauding investors, patients, and business partners while running a Palo Alto, Calif., company. If convicted, he could face up to 20 years in prison.

Holmes has spent eight hours on the stand so far and will not return until Monday, when testing will resume after the Thanksgiving holiday.