Ireland-based digital therapeutics company HealthBeacon PLC (EURONEXT:HBCN, OTCQX:HBCNF) said in a statement today that it “continues to pursue funding solutions”, updating the market on its cash position.
“The company continues to explore all options to raise finance and otherwise to maximise the interests of creditors and other stakeholders,” it said in a statement.
HealthBeacon has this month explored financing options to improve its short-term working capital position and long-term funding requirements, entering discussions with stakeholders and capital providers.
These options included a “potential sale” of its business divisions, the digital smart sharps bin provider said in the statement.
However, after reviewing its cash position the company said it “only has sufficient cash to continue to trade until the last week of October 2023”.
HealthBeacon said its board believes it is in a “highly constrained financial position and requires additional financing urgently in order to continue as a going concern”.
Rebecca Shanahan, who runs healthcare investment firm Shanahan Capital Ventures LLC, replaced HealthBeacon’s former chief executive Jim Joyce as interim CEO in September.
“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,” HealthBeacon said in a statement.
“These financing alternatives have not to date been concluded, however, the company continues to pursue funding solutions.”