Disclaimer - This announcement contains inside information.
Update on Funding Discussions
Dublin, 13 October 2023, HealthBeacon plc ("HealthBeacon" or the "Company") and together with its subsidiary undertakings (together the "Group"), a leading Irish digital therapeutics company, announces an update on funding discussions and cash position.
On 5 October 2023, the Company announced that as at 30 September 2023, the Company had approximately €0.5m net cash on its balance sheet and together with expected working capital movements over the period this represents sufficient cash to continue to trade until mid-late November 2023.
Since the announcement on 5 October 2023, the Company has explored various financing options to improve its short term working capital position as well as longer term funding requirements including discussions with key stakeholders and other providers of capital, and explored the potential sale of its business divisions. These financing alternatives have not to date been concluded, however, the Company continues to pursue funding solutions.
Whilst the Company has looked to extend its cash runway and has been carefully managing its working capital, the short term working capital position has deteriorated. The Board now believes the Company only has sufficient cash to continue to trade until the last week of October 2023.
The Board now believes the Company is in a highly constrained financial position and requires additional financing urgently in order to continue as a going concern. The Company continues to explore all options to raise finance and otherwise to maximise the interests of creditors and other stakeholders.
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| Enquiries: |
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| HealthBeacon: Rebecca Shanahan Lar Malone
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| Goodbody (Euronext Listing Sponsor and Broker): Finbarr Griffin David Kearney |
+353 (1) 667 0420 |
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Drury (Public Relations): |
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| Cathal Barry |
+353 (0) 87 227 9281 |
| Gavin McLoughlin |
+353 (0) 86 035 3749 |
About HealthBeacon
Headquartered in Dublin, HealthBeacon is an Irish digital therapeutics company that develops smart tools for managing medications for patients in the home. The HealthBeacon Injection Care Management System tracks adherence and persistence with medication schedules through the provision of medication management reminders, safe and sustainable sharps disposal devices, educational tools, and artificial intelligence (AI) driven data analytics. Peer reviewed evidence supports a 19% improvement in therapy persistence by patients and up to 26% improvement in adherence to therapy, which improves clinical outcomes and significantly improves efficiency in health systems. The Company has expanded its offering to growth management with the launch of its integrated Smart Scale and oral adherence with the launch of HB Wave which integrates with its existing technology. The Company operates across Europe, North America and the United Kingdom and employs more than 70 people and has obtained more than 30 design and utility patents. The Company's mission is to become the world's leading digital therapeutics platform for patients managing medications in the home.
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