Miquelon's testimony continues Wednesday.As you would hope to find from a supermarket, Safeway opening hours start early in the morning. Walgreens at one point had over 40 Theranos blood-testing centers inside its stores. "This was one of the most exciting companies we had seen, not just in the lab but in general," Miquelon said, adding that "we were very excited about forming the partnership."
#SAFEWAY HOUR SERIES#
He testified about a series of meetings he had with Holmes and her top executive, Ramesh "Sunny" Balwani, in 2010. Wade Miquelon, the former finance chief of Walgreens, took the stand late Tuesday. "We had samples that were lost, we had results that didn't make any sense." "I think whenever you start something new you're going to have some rough spots, but we continued to have rough spots," Burd said. However, the tests were coming back inaccurate.
#SAFEWAY HOUR TRIAL#
In one of his emails to Holmes, Burd wrote in the subject line, "Becoming Discouraged." He testified, "I'm one of the most positive people you'll ever meet, I don't get discouraged."īurd also told jurors that Safeway was running trial tests on employees who worked on the corporate campus. Some of Burd's emails from that period in 2012 were read in court, and revealed his growing frustration with Theranos. Burd testified that he didn't recall saying that, but agreed that Safeway's stock would have gone up if the launch had taken place. Holmes by text or otherwise and tell her that you thought the stock price of Safeway would improve if you could announce a launch of a Theranos product in Safeway stores?" Downey asked.
The company's stock price had slumped from $19 in January 2012 to $14 in July of that year, as Safeway and Theranos were working to get the devices up and running. "I knew they didn't have a lot of customers," Burd said.ĭowney also pointed to Safeway's own challenges. "You understood as a result they had never scaled this technology on a broad basis, correct?" "So you understood that Safeway or Walgreens or one of the other companies they were talking to, this would be their first consumer based deployment of technology, correct?" Downey asked. It later announced a partnership with Walgreens, which also flopped. Theranos had never deployed its devices into a physical store. The witness responded, "We were on a parallel path to do the deal and to do due diligence." "You would have communicated with Theranos almost daily for more than one year," Downey said to Burd. With Burd on the stand, the defense tried to show that Safeway, a huge national chain, wasn't duped in its negotiations. Holmes faces up to 20 years in prison if convicted. She has pleaded not guilty.ĭuring opening statements, defense attorney Lance Wade told jurors that despite making some mistakes, leading a failed start-up doesn't make her a criminal. But Theranos never realized those aspirations, and Holmes is now charged with 12 counts of wire fraud and conspiracy in connection with misleading investors and patients. Holmes rocketed to fame in Silicon Valley by developing technology that promised to run hundreds of diagnostic tests with just a finger prick of blood.
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