Balwani, according to a court filing from his attorneys, “adamantly denies” the claims. The filings were from 2020 and unsealed just before the trial kicked off with jury selection in late August. Balwani,” who is nearly 20 years her senior. They indicated that she is “likely to testify herself to the reasons why she believed, relied on, and deferred to Mr. Holmes’ attorneys previously indicated in court documents that she may claim she was the victim of a decade-long abusive relationship with Ramesh “Sunny” Balwani, who served as the company’s COO. He ultimately invested and served as Theranos’ chairman of the board for a number of years. He wanted to speak to people that we were talking to and interacting with.” “He wanted copies of contracts and other information about the business. “He asked us to get an audit of our financials,” she testified. Holmes said that process included “giving him a lot of information about our patents.” “I knew him as someone who focused on building great companies for the long-term,” she testified, adding that he did a “very comprehensive diligence process.” She testified she was introduced to Silicon Valley venture capitalist Don Lucas “by someone who had gone to college with my dad.” She testified that she then built out a prototype and set out to raise financing to develop it into a product. Jane Tyska/Digital First Media/The Mercury News/Getty ImagesĪfter 11 weeks of testimony and many delays, prosecution rests case against Elizabeth Holmes Holmes is charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud and could face up to 20 years in prison if convicted. Courthouse in San Jose, Calif., on Wednesday, Sept. Theranos founder Elizabeth Holmes leaves the Robert F. “As I started talking to people about what could be useful for a pharmaceutical clinical trial, I learned people were interested in a benchtop or a tabletop device and we moved to trying to build that,” she said. Holmes went on to explain the evolution of her idea from a pill to a patch to a benchtop device. Rather, she started with the idea of a pill that could be swallowed without any other actions needed, she said. The original patent was not for blood testing. “Then I went to try to raise or borrow money.” “I started with talking to my parents and they let me take the money that they had saved for me to be able to go to college to work on my patent,” she testified. The core part of that was a formula for being able to run tests on small samples and run that formula,” Holmes testified, adding that by 2009 or 2010, the company had a “breakthrough.”ĭowney then stepped backed to establish the background of the company’s origin, including how she was a chemical engineering student at Stanford University and her first patent application. “We worked for years with teams of scientists and engineers to miniaturize all the technologies in a laboratory. Off the bat, Holmes’ attorney Kevin Downey asked her if she believed Theranos had developed technology that was capable of running any blood test. She was smiling as she took the stand and during much of her testimony.Įlizabeth Holmes leaves a San Jose courtroom with her partner after her first testimony. On Friday, her partner, mother and at least one person who appeared to be her friend were in attendance. She has attended the trial each day, typically with her mother and occasionally her partner. Whether Holmes would testify was a big question looming over the trial. Holmes has pleaded not guilty and faces up to 20 years in prison and a fine of $250,000, plus restitution for each charge. Holmes, once hailed as the next Steve Jobs, faces 11 federal fraud charges over allegations that she knowingly misled investors, doctors, and patients about her company’s blood testing capabilities in order to take their money. She is also expected to testify on Monday and Tuesday next week, the only days court is in session. Holmes began testimony on Friday afternoon in the San Jose courtroom during the first day of the defense’s case. Elizabeth Holmes, the disgraced founder and former CEO of Theranos, is taking the stand in her own criminal trial.
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