HealthBeacon PLC HealthBeacon - HBCN - Update on Funding Discussions

Healthbeacon

13/10/2023 09:11

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RNS Number : 0720Q  HealthBeacon PLC  13 October 2023

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.

 

 

 

 

 

-Ends-

 

 Enquiries:                                       Investor.Relations@HealthBeacon.com
                                                  (mailto:Investor.Relations@HealthBeacon.com)
 HealthBeacon:

 Rebecca Shanahan

 Lar Malone

 Goodbody (Euronext Listing Sponsor and Broker):  +353 (1) 667 0420

 Finbarr Griffin

 David Kearney

 Drury (Public Relations):
 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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