Proteus Digital Health is in the midst of restructuring, reportedly because it failed to close a $100 million funding round, according to a CNBC report.
Proteus’ products combine oral medications with an ingestible sensor that can track the medication intake, thus potentially improving adherence. The first such (smart) pill was approved by the FDA in November of 2017. Abilify MyCite, developed by Otsuka Pharmaceutical and Proteus, is designed to treat schizophrenia, manic and mixed episodes linked with bipolar I disorder and depression in adults.
In an email to MassDevice, the Redwood City, Calif.-based company confirmed that it is “conducting an operational review and restructuring our business to optimize effectiveness.”
Driving change in healthcare takes persistence and Proteus is committed to ensuring that patients get access to technologies that can significantly improve their care. Our goal is to refocus the organization on the most valuable near-term opportunities to deliver the promise of digital medicines with Proteus Discover, for patients and their care teams. We are taking into consideration the impact of our restructuring on employees, patients, customers, partners and investors.
Once valued at $1.5 billion, Proteus Digital Health previously raised $420 million from investors including Novartis Venture Fund and Kaiser Permanente Ventures.