Theranos founder Holmes denies trying to mislead on Pfizer partnership

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SAN JOSE, Calif., Nov 23 (Reuters) – Theranos founder Elizabeth Holmes testified in her fraud trial on Tuesday that she didn’t intend to misrepresent the work the now-defunct blood testing startup did with Pfizer Inc (PFE.N) by including the drugmaker’s emblem to a report Theranos had ready.

Holmes took the stand for a 3rd day to defend herself from accusations of mendacity about Theranos, which had touted know-how that might run diagnostic exams sooner and extra precisely than conventional lab testing with a drop of blood from a finger prick.

Prosecutors have prompt Holmes misrepresented its work with pharmaceutical firms Pfizer and Schering-Plough by including the corporate logos in an try to cross off Theranos’ conclusions as theirs.

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Holmes admitted that she added the logos to the stories simply earlier than sending them to pharmacy operator Walgreens (WBA.O), which was discussing a partnership with Theranos in 2010, to convey the drugmakers’ involvement in promising research utilizing Theranos know-how.

“I wish I had done it differently,” Holmes stated.

Holmes additionally testified that she didn’t conceal the addition from Pfizer, displaying jurors an e mail the place the report with the emblem was despatched to people at Pfizer in 2014.

Holmes, 37, beforehand spent about two-and-a-half hours on the stand on the courthouse in San Jose, California, discussing Theranos’ know-how and its optimistic efficiency in early research.

Once valued at $9 billion, Theranos collapsed after the Wall Street Journal printed a sequence of articles beginning in 2015 that prompt its units had been flawed and inaccurate.

Holmes’ choice to testify is dangerous because it exposes her to a probably powerful cross-examination by prosecutors.

The trial has shone a highlight on Silicon Valley start-ups, which frequently appeal to excessive valuations based mostly on guarantees of future success reasonably than precise income and revenue.

At the start of the trial, Holmes’ lawyer informed the jury that Holmes was a hardworking entrepreneur and that the failure of her enterprise was not a criminal offense.

Over the two-month trial, jurors have heard testimony from greater than two dozen prosecution witnesses, together with sufferers and traders whom prosecutors say Holmes deceived.

Holmes has pleaded not responsible to 9 wire fraud counts and two conspiracy counts.

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Reporting by Jody Godoy; Editing by Tom Hals and Bill Berkrot

Theranos founder Elizabeth Holmes leaves after attending her fraud trial at federal court in San Jose, California, U.S. November 22, 2021.  REUTERS/Brittany Hosea-Small

Theranos founder Elizabeth Holmes leaves after attending her fraud trial at federal court in San Jose, California, U.S. November 22, 2021.  REUTERS/Brittany Hosea-Small

Theranos founder Elizabeth Holmes leaves after attending her fraud trial at federal court in San Jose, California, U.S. November 22, 2021.  REUTERS/Brittany Hosea-Small