By Joe Hoppe
HealthBeacon said it needs additional financing urgently to continue as a going concern, as its short-term cash working capital position has deteriorated further over the past week.
The Irish digital-therapeutics company said Friday that since its disclosure on Oct. 5 that it was exploring financing options and had enough cash to trade until mid-late November, its position has worsened, and it now believes it only has cash to continue until the last week of October.
The company continues to pursue solutions, including options to improve its short-term position, as well as longer-term funding requirements, and the potential sale of business divisions, it said.
“The board now believes the company is in a highly constrained financial position and requires additional financing urgently in order to continue as a going concern. The company continues to explore all options to raise finance and otherwise to maximize the interests of creditors and other stakeholders,” the company said.
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