Issue link: https://beckershealthcare.uberflip.com/i/1275740
48 INNOVATION Digital health 'unicorn' once valued at $1.5B files for bankruptcy: 4 details By Laura Dyrda A digital health company considered one of the first "unicorns" in the industry has filed for bankruptcy, according to CNBC. Four things to know: 1. Proteus Digital Health, a company that devel- oped ingestible sensors to detect when medica- tions are taken, filed for Chapter 11 bankruptcy on June 15. 2. The company was valued at $1.5 billion in April 2019, according to Forbes. It aimed to help pre- vent patients from forgetting to take medications. 3. Proteus has about $100 million to $500 million in assets and $50 million to $100 million in liabil- ities. Its creditors include Workday and Otsuka America Pharmaceutical, which the company had planned to partner with in 2017. Otsuka invested $88 million in Proteus, but the deal was terminated in January. 4. While the company has struggled in May and June to raise money, it has raised more than $500 million in venture capital. Proteus has also initiated a sale process. n Mayo Clinic launches innovation exchange By Laura Dyrda R ochester, Minn.-based Mayo Clinic launched an innovation initiative to support entrepreneurs in the healthcare space. The health system announced the Mayo Clinic Innovation Exchange on June 10, offering members access to medical in- sights, professional service firms and a new 20,000-square-foot workspace with rental wet labs at the health system's Jacksonville, Fla.-based campus. Entrepreneurs anywhere in the world can join the exchange, which will also include virtual office hours with law firms as well as marketing and strategy consultants. Members will also receive targeted introductions to Mayo Clinic Health System experts. The health system also has a venture capital arm that has more than 500 invention ideas disclosed annually and files 100 patent applications per year. Mayo Clinic Ventures also offers early stage seed funding and later stage translation funding for companies. Charles Bruce, MD, chief innovation officer at Mayo Clinic in Florida, is leading the exchange as its medical director. He also serves as the associate medical director for Mayo Clinic Ventures and director of business development in the Center for Regenerative Medicine at Mayo Clinic in Florida. Dr. Bruce has helped create five start-up companies and is a patent inventor on more than 160 patent filings. Jared Mueller is the director of the Mayo Clinic Innovation Ex- change. He joined the health system after serving on the strategy team at the nonpartisan Obama Foundation and also has experi- ence as the COO for an SaaS company focused on healthcare and social science research. n Mayo Clinic unveils virtual, at-home hospital model: 5 things to know By Jackie Drees R ochester, Minn.-based Mayo Clinic in July began offering select patients the opportunity to enroll in its at-home care model, which provides hospital patients virtual and in-person care from home. Five things to know: 1. Mayo Clinic has rolled out advanced care at home enrollment in July and August for patients in Jacksonville, Fla., and Eau Claire, Wis., according to a news release. 2. e program allows qualified patients to transition from the hospital directly to home and receive health services including infu- sions, skilled nursing, lab and imaging ser- vices and rehabilitation under the direction of Mayo Clinic physicians. 3. e initiative is part of the Mayo Clinic Platform, which the health system established in 2019 to launch a portfolio of platform ven- tures using artificial intelligence, connected devices and other emerging tech in combina- tion with a network of partners. 4. Mayo Clinic tapped Boston-based tech ser- vices company Medically Home to help pow- er advanced care at home. Medically Home's tech platform allows providers to transition care to patients' homes through its telemed- icine command center. 5. e care model is part of Mayo Clinic's "Cure. Connect. Transform." strategy, said John Halamka, MD, president of Mayo Clinic Platform. "As a physician, I have al- ways believed that patients should receive the right care, at the right time, in the right setting to restore wellness rapidly," he said. "During COVID-19, we've learned that pa- tients expect more virtual and remote care than ever." n