...just inked a major deal with Walgreens Boots [TTA 9 July]. Early-stage companies do well when they have big partnerships. CB Insights also provided a compare/contrast summary against the 2019 Digital Health list [TTA 10 Oct 19]: Unicorns: 17 of the 2019 Digital Health 150 (11%) have remained or since become unicorns with a $1B+ valuation Exits: 2 companies have gone public and 2 have been acquired Deals, funding, and mega-rounds: raised over $4bn across 70+ deals, including 14 mega-rounds ($100 million+ investments), as of 10 August They do not mention that one, Proteus Digital Health, one of those unicorns,... Continue Reading
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News Roundup of acquisitions, funding: Health Catalyst-Vitalware, Change Healthcare-Nucleus.io, Medtronic-Companion Medical, Cecelia Health; Proteus Health sale contested, but sold (updated 20 Aug)
...of the hearings was Proteus’ investment banker, Raymond James & Associates, fruitlessly reaching out to over 240 potential buyers. What scared them off was Proteus’ burn rate–between $2 million and $2.5 million a month–with no clear prospect of positive cash flow or profitability (the latter quite elusive even in public companies). The purchase by Otsuka, which was deemed fair in the ruling with the opportunity for others to provide higher offers, covers information technology assets, intellectual property, and equipment, including equipment used to design and manufacture wearable sensors. Related court documents. Otsuka was Proteus’ last major partnership for Abilify MyCite... Continue Reading
News Roundup (updated): Proteus files Ch. 11, VA’s EHR tests now fall–maybe, making US telehealth expansion permanent, Rennova’s rural telehealth bet, Oysta’s Lite, Fitbit’s Ready to Work jumps on the screening bandwagon
Proteus Health, the company which pioneered what was initially derided as a ‘tattletale pill’, filed Chapter 11 bankruptcy today (16 June). As early as December, their layoffs of nearly 300 and closure of several sites was a strong clue that, as we put it, Proteus would be no-teous without a big win. Exactly the opposite happened with the unexpected early end of their Otsuka partnership with Abilify [TTA 17 Jan]. Proteus had raised about $500 million in venture capital from Novartis plus technology investors and family offices. Their combination of a pill with an ingestible sensor, a patch that detects... Continue Reading
News roundup: Proteus dissolves with Otsuka, EHRs add 16 min. per patient, DrChrono mobile EHR raises $20M, CareBridge LTSS launches, ‘flyover healthtech’ soars
The much-touted partnership of Proteus Digital Health with Otsuka Pharmaceutical of Japan for a digital version of Abilify has ended prematurely. Abilify MyCite was the first drug cleared by FDA with a digital tracking system in November 2017 [TTA 14 Nov 17]. Otsuka was also going to fund Proteus for further development of drug tracking. In the payout for the Proteus license, Otsuka has the right to use Proteus’ technology for its own mental illness drug research. Proteus will abandon its research in mental illness and cardiovascular conditions and concentrate on digital meds in cancer and infectious disease. Before the... Continue Reading
News roundup: Proteus may be no-teous, DOJ leads on Google-Fitbit, HHS’ mud fight, Leeds leading in health tech, malware miseries, comings and goings
Proteus stumbles hard, cuts back. The original ‘tattle-tale pill’ company, Proteus Digital Health, plans to lay off 292 people in the San Francisco Bay Area and to permanently close its three Redwood City and Hayward locations, starting 18 January, according to notices sent to California state and local offices, including the state employment development department. It is unclear where Proteus will be located after the closures. This followed after Proteus failed to launch a twelfth funding round of $100 million. According to reports, they furloughed most of their employees for two weeks in November and are reorganizing. This is after... Continue Reading
CB Insights names a Top 150 of digital health startups
...C is notable), top well-funded companies, and ‘unicorn startups’. Unlike Rock Health, CB Insights also looks at where in the world the startups are from: 116 in the 150 from the US, 17 from Asia, 16 from Europe, and 1 from Canada (League employee health benefits). Many of the usual suspects are here: 23andMe, Babylon Health (UK), American Well, Doctor on Demand, Proteus Digital Health, Iora Health, MDLive, Oscar, One Medical, the relentlessly advertised (in US) Noom, TytoCare, China’s WeDoctor and GoodRx (which last month acquired telemedicine provider HeyDoctor). Others are surprising in various aspects: the new well-wired Medicare Advantage... Continue Reading
WOT with Proteus found equal to or better than DOT in TB medication adherence trial
Implications for administration of tuberculosis and other rigorous therapies. A test conducted by a California university team with tuberculosis (TB) patients comparing Wirelessly Observed Therapy (WOT) administered through Proteus Digital Health’s combination ingestible pill and sensor-based smartphone tracking, versus standard Directly Observed Therapy (DOT), found that WOT was equivalent to DOT in accuracy–and superior to DOT in supporting confirmed daily adherence to TB medications. It was also overwhelmingly preferred by participants. TB is a disease where treatment requires strict adherence to medication protocols over a lengthy treatment course and usually requires a period of direct observation of patient dosage. In... Continue Reading
About time: digital health grows a set of ethical guidelines
Is there a sense of embarrassment in the background? Fortune reports that the Stanford University Libraries are taking the lead in organizing an academic/industry group to establish ethical guidelines to govern digital health. These grew out of two meetings in July and November last year with the participation of over 30 representatives from health care, pharmaceutical, and nonprofit organizations. Proteus Digital Health, the developer of a formerly creepy sensor pill system, is prominently mentioned, but attending were representatives of Aetna CVS, Otsuka Pharmaceuticals (which works with Proteus), Kaiser Permanente, Intermountain Health, Tencent, and HSBC Holdings. Here are the 10 Guiding... Continue Reading
Rounding up July: Teladoc’s new name and earnings, Hitching a Lyft, GlobalMed with FCC, Proteus and HIV sensing, Parks Associates, Welbeing
...the MD Anderson Cancer Clinic to schedule on-demand transportation, reducing direct transportation costs by 30 percent with the service and no-show rate down to four percent. Mobihealthnews GlobalMed, a previous Perspectives contributor, was represented by its CEO on a four-person panel discussing the FCC ‘s proposed Connected Care Pilot Program, a new $100 million program to support telehealth for low-income Americans, attended by FCC Commissioner Brendan Carr. Here’s a video from the 24 July meeting. Hat tip to Marcia Rhodes of Amendola Communications Proteus Digital Health’s sensor-equipped pills, transmitter patch, and app may have a new market with prophylaxis (PrEP)... Continue Reading
Digital health is not here. Or it is. Or it’s still “the future” and we’re waiting for the ship to come in.
...health. “Digital health will be the dominant form of non-acute care.” It has value in chopping through the thicket of the low clinical impact technologies that dominate the current scene (Research2Guidance counted only 325,000 health apps and 3.6bn downloads in 2017). Where the value lies: Diagnosis and evaluation–devices that generate analyzable data Virtual patient care–telehealth and remote patient monitoring Digiceuticals–digital therapeutics delivered via apps Medication compliance–apps, sensors, games, ingestibles (e.g. Proteus) At the Arrival Platform and changing the timetable is machine learning. Already algorithms have grown into artificial neural networks that mimic animal learning behavior. Though the descriptions seem like... Continue Reading
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