Four things to know:
1. Proteus Digital Health, a company that developed ingestible sensors to detect when medications are taken, filed for Chapter 11 bankruptcy on June 15.
2. The company was valued at $1.5 billion in April 2019, according to Forbes. It aimed to help prevent patients from forgetting to take medications.
3. Proteus has about $100 million to $500 million in assets and $50 million to $100 million in liabilities. Its creditors include Workday and Otsuka America Pharmaceutical, which the company had planned to partner with in 2017. Otsuka invested $88 million in Proteus, but the deal was terminated in January.
4. While the company has struggled in recent months to raise money, it has raised more than $500 million in venture capital. Proteus has also initiated a sale process.
“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,” according to a statement from the company.
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