Better Therapeutics, a prescription digital therapeutics firm, introduced a personal placement of the corporate’s widespread inventory, which garnered gross proceeds of roughly $6.5 million.
Officers and administrators of the corporate participated within the placement, which is anticipated to shut on or round April 10.
Higher Therapeutics was among the many many digital well being firms that went public by merging with a particular function acquisition firm in 2021. It debuted at a stock price of round $10 per share. On April 5, on the time of the non-public placement, the corporate’s inventory was $0.825 per share.
WHAT IT DOES
The California-based firm gives cognitive behavioral remedy to deal with diabetes, hypertension and different cardiometabolic ailments.
The proceeds can be used to increase the corporate’s runway via its meant FDA advertising authorization for its BT-001 investigational prescription digital therapeutic for Sort 2 diabetes.
Late final month, Higher Therapeutics filed a notice with the U.S. Securities and Trade Fee that mentioned it was laying off approximately 35% of its workforce.
Per the submitting, the corporate anticipated to incur roughly $400,000 in cash-related bills because of severance and advantages in Q2 2023.
In an e-mail notifying workers of the workforce discount, Higher Therapeutics’ CEO Frank Karbe mentioned the corporate was “implementing different price financial savings measures” to increase its monetary runway additional.
The corporate has struggled to achieve profitability since going public as a SPAC. In its most up-to-date Q4 2022 and full year 2022 monetary outcomes, the corporate reported a internet lack of $39.8 million for 2022 in comparison with $40.3 million in 2021.
The corporate expects its working money burn for 2023 to be decrease than anticipated by roughly $10 million because of restructuring and different price financial savings measures. It famous it was actively searching for extra capital.
Monique Mansoura will supply extra element throughout the HIMSS23 session “Leveraging Digital Well being and Actual-World Information to Deal with Rising Well being Threads and World Well being Safety.” It’s scheduled for Wednesday, April 19, from 2:30-4 p.m. CT in MITRE Assembly Room N227B, North Corridor B.
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