Press Release
November 16, 2020

Proteus Digital Health Gets Court Approval For Chapter 11 Plan Of Liquidation

The Financial Restructuring team, acting as bankruptcy counsel for Proteus Digital Health, prevailed in obtaining confirmation of the debtor’s proposed Chapter 11 plan of liquidation after receiving unanimous acceptance from voting creditors. The U.S. Bankruptcy Court for the District of Delaware entered its order confirming the plan without a hearing, culminating a successful and efficient Chapter 11 case that has enabled Proteus to repay secured lenders in full, preserve value and jobs, and provide a meaningful distribution to unsecured creditors.

Proteus developed a unique, technology-enabled medication support service: Proteus Discover®. The service involves co-encapsulating drugs 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. Earlier this year, the team succeeded in the heavily contested evidentiary hearing on the debtor’s proposed $15 million+ sale to Otsuka America Pharmaceutical Inc.

For more details, read the court ruling.