Presentation of Petition for Examinership and Appointment of Interim Examiner
Dublin, 27 October 2023. The board of Healthbeacon plc ("Healthbeacon" or the "Company") announces that today it presented a petition under Chapter 10 of the Companies Acts 2014 seeking to have the protection of the Court afforded to it and the appointment of an Examiner to investigate and seek to formulate a scheme of arrangement for the survival of the Company as a going Concern.
At a subsequent Court Hearing held earlier today Shane McCarthy of KPMG was appointed as Interim Examiner to the Company pending the full hearing of the petition on 27th October 2023.
The Board believes that the Company can stabilise, recover and emerge from this process as a going concern with the resultant preservation of jobs and will work closely with the Examiner throughout the process.
As part of the process, the Company has entered into a funding agreement with Hamilton Beach Brands Inc. under which Hamilton Beach Brands Inc. has committed to funding the working capital requirements of the Company for the period while it is under the protection of the Court up to an amount of €1,850,000.
The Company's shares will remain suspended from Euronext Growth operated by Euronext Growth Dublin pending clarification of its financial position.
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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
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+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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