Press Release August 20, 2020

Proteus Digital Health Gets Court Approval for $15 Million+ Bankruptcy Sale to Otsuka

The Financial Restructuring team, acting as bankruptcy counsel for Proteus Digital Health, prevailed in a heavily contested evidentiary hearing on the debtor’s proposed $15 million+ sale to Otsuka America Pharmaceutical Inc. The U.S. Bankruptcy Court for the District of Delaware approved the sale, which will allow Proteus to implement a Chapter 11 plan to repay secured lenders in full, preserve jobs, and provide a meaningful distribution to unsecured creditors as the company winds down its bankruptcy.

Proteus is commercializing a unique, technology-enabled medication support service: Proteus Discover®.  The service includes drugs that are co-encapsulated at a specialty pharmacy with an ingestible sensor enabling them to communicate when they have been taken; a wearable patch that detects ingested medicines and measures physiologic response; applications that support patient self-care and physician decision-making; and data analytics to serve the needs of doctors, pharmacists, health systems and payers.

The Goodwin team included Shane Albright, Barry Bazian, Stacy Dasaro, Artem Skorostensky, and Barzin Pakandam.

For more details, read the article in Bloomberg Law.