That ‘smart pill’ unicorn may be on its last legs
Proteus Digital Health once boasted of a $1.5 billion valuation, partnerships with major drug makers, and a plot to change health care with sensor-equipped pills. Now, the company is laying off virtually its entire workforce.
According to The Mercury News, Proteus is closing three offices and cutting about 300 jobs, saying in a statement that “the planned action is expected to be permanent.” Earlier this week, CNBC reported that the company was in dire financial straits after a $100 million funding round came unraveled.
In 2017, the company won a pioneering FDA approval for a sensor-enabled version of Otsuka Pharmaceutical’s antipsychotic drug Abilify. Two years later, Proteus expanded into oncology with a digitized chemotherapy pill that could inform doctors when cancer patients had taken their prescriptions.
According to The Mercury News, Proteus is closing three offices and cutting about 300 jobs, saying in a statement that “the planned action is expected to be permanent.” Earlier this week, CNBC reported that the company was in dire financial straits after a $100 million funding round came unraveled.
In 2017, the company won a pioneering FDA approval for a sensor-enabled version of Otsuka Pharmaceutical’s antipsychotic drug Abilify. Two years later, Proteus expanded into oncology with a digitized chemotherapy pill that could inform doctors when cancer patients had taken their prescriptions.
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