The court hears about a missing patient, lost earnings forecast, and more.
Brian Grossman acknowledged some risks before investing in his company, Theranos. The company may not have approved its devices by the Food and Drug Administration. It may not be able to deploy its vehicles as quickly as expected. It may not be able to reduce the cost of building your own machine. That stopped him before his company invested $96 million, but these were executive questions, things seasoned investors like Grossman know how to evaluate. p>
But in the case of Theranos, there were questions beyond performance, questions that even savvy investors wouldn't even think of asking. "Do you think one of the risks here is that the founder and CEO haven't been honest with you?" asked Assistant US Attorney Robert Leach Grossman yesterday at the criminal trial of Elizabeth Holmes, the Tranos Foundation. "We didn't think that was a risk," Grossman replied. Grossman was never told that his company used third-party devices to perform many of the blood tests. Nor did he tell him that in about 40 percent of the samples, he drew patients' blood from their veins, and not in the flogging-finger fashion he'd whipped into a press. Grossman also didn't think Tranos' financial outlook would be too optimistic, even for startups. In an email to jury members, Grossman's colleagues said Tranos' predictions were "a bit offensive" but "can be accomplished with a great performance and can go beyond that." p> Futures Earnings Tranos, Grossman et al. In January 2014, a financial model was developed based on the data provided by the startup. By the end of the year, they expected Tranos to increase from $25 million to $249 million. Attorney Lance Wade Grossman asked, "By the end of 2015, they expected to grow their revenue to $1.5 billion.
Have other companies grown so fast?" He answered yes. In his company's financial analysis, they cited examples from Facebook, Google, Tesla, Salesforce and Illumina, the genetic sequencing company in general. At the booth, Grossman introduced the state-of-the-art biotech company as another example. He said such companies tend to have "open technology" and "have a significant impact on society". Leach later asked Grossman about Theranos' financial outlook. “Have you ever seen a company lose more than $1 billion on forecasts?” Grossman said. Leech asked. p>
Not in 2013 or 2014. No, Grossman replied.
is a warning sign that Grossman and his colleagues apparently did not. It was the fact that health insurance company Blue Cross Blue Shield did not believe Theranos technology would work. "They said they evaluated the service and concluded that it wasn't working," Grossman, one of the colleagues who contacted him, wrote. "They don't have a contract with Theranos, and they put a lot of effort into the machines and came to that conclusion."
There's no reason not to, which freaks out Grossman, although Blue Cross may have experimented years ago, and Grossman assumed the startup was making headway at the time. “In addition to information from Channing Robertson, a Tranos board member and professor of chemical engineering at Stanford, he said in an email to the court that the special contact with Robertson was “thought-provoking” and gave him the confidence to invest.” Overall, Grossman was on standby for eight hours. Roughly more than six of them were questioned by Holmes' attorneys, and Judge Edward Davila, known for his calm demeanor, questioned yesterday how long the joint defense interrogation had taken, and said, a little furious, that "it could spoil our pilot program." It started three months ago and has been going on for more than 30 days. The trial isn't over yet, but they said they're hoping this week — assuming Holmes' attorneys won't engage in more marathon interrogations. Grossman resigned after the attorney general completed the brief referral, and was replaced by Iran Tompkins, a patient with Tranos. Tompkins used Theranos blood screening services in 2015 in Walgreens, Arizona. At the time, he did not have health insurance and was drawn to the low cost of tranos. Her doctor had ordered an HIV test.
Theranos reading tests mostly showed signs of prostate cancer in women without prostates when Tompkins was shocked when the results were obtained. The test revealed an antibody linked to HIV infection (the other three markers were HIV negative). He told the court that he had no symptoms and had not had HIV in the past.
Tompkins said he called Theranos the same day or the next to see if anyone could explain the results to him. The call center rep who answered was not helpful. "He said he was a customer service representative and he couldn't move me," Tompkins recalls. “We simply learned about it at the time. I was very emotional at the time.”
Tompkins told the jury that he later took another HIV test elsewhere, and the result was negative. He said two years later From testing Theranos, the startup sent him a check for his money back.
Tranos gave the woman a false positive result for HIV, then shaded her
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