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digital health company Babylon has filed for bankruptcy protection for two of its US subsidiaries. Babylon is looking Chapter 7 assistance, which means planning to liquidate assets rather than trying to restructure them, according to filings at US Bankruptcy Court in Delaware. Both entities list hundreds of creditors, but Babel has indicated that only guaranteed creditors have a chance of getting repaid. The UK-based company, which went public in a 2021 SPAC deal, has been struggling for months to secure financing for its business. The liquidation of Babel’s US operations comes after a previously announced “business combination” with a Swiss-based digital therapy company MindMaze — mediated by Babylonian creditors AlbaCore Capital – fell through. Babel CEO Ali Parsa
Katie also reported last week that Babel was “downsizing” its operations Rwanda, where it serves 2.8 million patients. Babyl Rwanda has also received over $2.2 million in funding from The Bill & Melinda Gates Foundation to use technology “to improve global health.” Babylon CEO Ali Parsha and Babel’s press team has not responded to multiple requests for comment over the past week.
The Next Billion Dollar Startup 2023
For the ninth year in a row, Forbes has teamed up with TrueBridge Capital Partners to find 25 current startups most likely to achieve a valuation of over $1 billion dollars. This year’s list features several companies in the healthcare industry: Apprenticewho develop software to support pharmaceutical manufacturing; Chapterwhich helps seniors find the best Medicare Advantage plan for their needs; Medal, whose software platform helps automate administrative tasks for physician practices; probiotic producer Pendulum Therapy; And Verifiablewhose software platform automates the process of verifying medical professional credentials.
Read more here.
Channel & Deal Updates
Mental health: Digital mental health care company Mantra Health announced that it has partnered with Charlie Health to incorporate the latest intensive outpatient program into its suite of services.
Remote Monitoring: GE Healthcare announced that its Portrait Mobile product, which wirelessly records a patient’s respiratory rate, has received a 510(k) clearance from the FDA.
Health Data: Health data company Definitive Healthcare announced that it is acquiring analytics company Populi.
Arthritis: MyMD Pharmaceuticals announced that the FDA has accepted the IND application for its rheumatoid arthritis drug candidate MYMD-1, based on preclinical data showing improved symptoms compared to current treatments.
Algorithm Approval: Viz.ai announced that the FDA has approved the use of an algorithm designed to detect hypertrophic cardiomyopathy, a heart condition that often goes undiagnosed.
What We Know About Covid ‘Eris’ Variant EG.5: Dominant Strain Drives Case Increase
The new Covid variant called EG.5 is the most common strain in the US, and while it is causing increased cases and hospitalizations, experts don’t believe its symptoms are more severe than the earlier omicron variant.
Read more here.
Other Health News
Novo Nordisk, makers of Ozempic and Eli Lilly, makers of Mounjaro, are being sued over the possible drugs associated with gastroparesis, a severe stomach upset, although some experts question the claim. .
That forest fires on Maui releases chemicals into the air and water that can cause certain cancers, birth defects, brain damage and kidney and liver damage.
As major retailers such as Amazon, Walmart, Walgreens, and CVS continue to acquire primary care providers, one of the side effects is primary care physicians and nurse practitioners see their salary increase.
Kim Kardashian has been promoting Prenuvo’s Full body MRI scan worth $2,500but health care professionals advise against it.
More than 50,000 Americans suicides by 2022, causing the suicide rate to reach an all-time high, according to data released by the CDC.
A new study from Sweden shows that AI can help detect breast cancer.
Novo NordiskObesity drug maker Wegovy will continue to limit supply of the drug as demand increases.
Across from Forbes
Startups Think They Can Beat Wildfires, But Insurance Companies Aren’t Buying It Yet
How Three Car Guys And A Winemaker Wanted To Save Farm America With Tractorbots
Sam Altman’s Eyeball Scanning Project, Worldcoin, Has an Identity Crisis
What Else We Read
Funyun and the Flu Shot? Gas station companies are trying to push (KFF Health News)
The CDC is facing $1.5 billion in budget cuts. Layoffs will almost certainly follow (Stat)
Drug Shortage Not Only Exacerbates Healthcare Burnout But Could Harm Patient Care (MedCity News)
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