https://safirsoft.com A Holmes jury hears that Tranos deceives the intelligent investor and prevents contact with the partners

The trust had three analysts investigating Tranos. But yesterday, the jury heard from someone that she definitely did.

Brian Grossman is a senior investment manager and managing partner at PFM Health Sciences, a San Francisco hedge fund that specializes in healthcare investments, as its name suggests. In the end, his company invested $96 million in Tranos, which forms one of Holmes' fraud charges. He spent his day as a witness recounting a December 2013 meeting with Holmes and Ramesh "Sunny" Palvani, CEO of Thranos, at the company's Palo Alto lab. Holmes and Palvani gave a presentation claiming that Theranos had spent a decade in clinical trials and that their technology could perform "a thousand" different blood tests. “Ms. Holmes was actually pretty clear that she could match any test on the Labcorp and Quest test lists.” Grossman cited two of the country's largest medical diagnostics companies. Tranos has earned "more than $200 million in revenue from the Department of Defense" since his company developed the tests, a figure the jury had previously heard wasn't far off. Holmes also claimed that Theranos has been "fully approved" by drug companies, another false claim. Yes, several drug companies, including Pfizer and Schering-Plow, had contracts to test start-up devices, but not all were affected. However, that didn't stop Holmes from sending investors reports written by Theranos and stamped with corporate logos.

"Strange conversation"

Based on what I heard. At the meeting, Grossman was impressed by what Tranos had done. “There was really no end to technology,” he told the court.

Palvani also told Grossman about Theranos' partnership with Walgreens and how his company began offering its diagnostic devices at 8,100 drugstores. Grossman asked Palvani if ​​he could speak to Walgreens. Then things got weird. Advertising

Palvani told Grossman that he was "very upset" at the idea that "it was going to be a weird conversation" and that Grossman "didn't look good". remembered. "He had a series of answers in this regard." The investor also told Balvani he wanted to talk to United Healthcare, which also appears to have a contract with Theranos. Fanny was disappointed again. “It would be bad for us if investors wanted to talk to someone at the company,” Grossman said. "It made us rely on the affidavits they gave us," Grossman told the jury. Talk with Channing Robertson, board member and professor of chemical engineering at Stanford University. During two conversations, Robertson told Grossman that the company's technology was sound. Grossman went to Palo Alto-Walgreens for a blood test without prior notice. Instead of swiping his finger, his blood was drawn from a vein and it took more than four hours to get the results. When Grossman followed up with Balvani, he was told it was because his doctor had ordered a rare test. The tester made a special effort to quickly run their test. Nor did Palvani disclose the fact that Grossman's test was performed on a third-party device. The list of questions is divided into seven categories. "As a group, we were faced with questions in which we wanted to better understand the business," Grossman told the court. He said he has three analysts working on a detailed review of the Theranos contract. "We wanted to ask as many similar questions as we could so that there was no ambiguity or confusion about what the technology does." Tranos lab equipment by inspectors The same month, Grossman later had a meeting with Holmes and Balvani, where they visited the Tranos lab and production facilities. During the tour, he saw only Theranos hardware, not third-party hardware. Grossman said that if he knew the company was using third-party diagnostic equipment, he would "raise a number of questions about the capability of this technology."

A month later, Grossman invested $96 million in Tranos.

The honeymoon did not last long. In 2015, a Wall Street Journal report revealed countless problems with Theranos, and the following year, PFM Health Sciences filed a lawsuit against the startup. The two sides reached a $43 million agreement without acknowledging the Tranos breach.

A Holmes jury hears that Tranos deceives the intelligent investor and prevents contact with the partners
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