Proteus Digital Health has filed for Chapter 11 bankruptcy protection, according to a The Silicon Valley company develops ingestible sensors that communicate when medicines are taken, plus a wearable patch that monitors the response. Proteus Digital Health, maker of a "smart pill," filed for Chapter 11 bankruptcy protection Monday. REDWOOD CITY — Proteus Digital Health, a once-hot health technology startup that had invented a digital pill, is planning to cut hundreds of jobs and close facilities in Redwood City and Hayward, state labor documents show.Founded in 2001, Proteus has developed a digital pill technology that investors once deemed to be a hot ticket, but the company has now been forced into a wrenching restructuring amid its efforts to capture fresh sources of funding.The Proteus technology consists of a sensor inside a pill or other medication that, once ingested by the patient, can transmit information as to whether the pill was actually consumed.The company’s technology was thought to be so promising that at one point, Proteus had achieved a valuation of $1.5 billion.Proteus has revealed plans to eliminate 292 jobs in the Bay Area, according to a notice sent to state and local officials.The will occur in connection with the company’s plans to cease operations at its current headquarters in Redwood City as well as at two locations in Hayward, the filings with the state Employment Development Department showed.“Proteus is currently conducting an operational review and restructuring our business to optimize effectiveness,” the company said in comments emailed to this news organization. The company, which makes digestible sensors and wearable patches to track if … The Company offers integrate in-body and on-body sensor, mobile communication technology, medical devices, and tools. REDWOOD CITY — Proteus Digital Health, a once-hot health technology startup that had invented a digital pill, is planning to cut hundreds of jobs and close facilities in Redwood City and Hayward, state labor documents show. Smart pill maker Proteus Digital Health has filed for bankruptcy, the latest sign of trouble at a Silicon Valley company once valued at $1.5 billion. Previously, the company’s web posts had touted the potential for digital health technologies to address blood pressure, hypertension, and cholesterol challenges. Since inception, Proteus relied primarily on equity capital and advances under its agreements with Otsuka Pharmaceutical to finance its operations.Otsuka is the primary licensee of a significant portion of the company's intellectual property,The company has listed debts of $100 million to $500 million in assets and $50 million to $100 million in liabilities. Its former CEO Andrew Thompson is now listed on the website as a co-founder.A spokesperson said that "filing for bankruptcy protection allows Proteus to continue its sales process in a more concerted and efficient manner while continuing to run the business as usual. REDWOOD CITY — Proteus Digital Health, a once-hot health technology startup that had invented a digital pill, is planning to cut hundreds of jobs and close facilities in Redwood City and Hayward, state labor documents show. It develops digital medicine for chronic diseases through in-house research and through partnership with the pharmaceutical, medical device and biotechnology companies. (Getty/Gam1983)Subscribe to FierceHealthcare to get industry news and updates delivered to your inbox.Proteus Digital Health was once valued at $1.5B. Sorry, your blog cannot share posts by email.
Post was not sent - check your email addresses! China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the app. exclude terms.Proteus Digital Health has a $15 million "stalking horse" offer from the American unit of Otsuka Pharmaceutical, which is a fraction of the company's onetime $1.5 billion valuation. Proteus Digital Health, one of the brightest companies in medtech, has filed for Chapter 11 bankruptcy protection.. Spring Ridge Ventures owns almost all of its Series A preferred stock.
"The company has raised more than $500 million in venture capital from a mix of technology investors, family offices and pharmaceutical giants like Novartis. It may be acquired in a $15M 'stalking horse' bid© 2020 Questex LLC. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.
Proteus Digital Health, a once-hot health technology startup that had invented a digital pill, is planning to cut hundreds of jobs and close facilities in Redwood City and Hayward.
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