Digital therapeutics company HealthBeacon has announced that its chief executive and co-founder Jim Joyce is to step down from his role with immediate effect.
Mr Joyce will remain as an adviser to the board, and a non-executive director at the company.
The company said that Rebecca Shanahan, an independent non-executive director, will assume the role of CEO on an interim basis.
HealthBeacon said that Ms Shanahan is an accomplished healthcare CEO, Board Chair and Board Member.
Her firm, Shanahan Capital Ventures, focuses on developing, scaling and re-structuring healthcare businesses and supporting investors in the acquisition, growth and sale of healthcare assets.
Dublin headquartered HealthBeacon develops products for managing injectable medications for people in the home.
In a trading update today, it said that it is making progress with the roll-out of its technology across key channels.
But it added that the scale and complexity of implementations, and the contracting and planning phases of these new launches, are running up to nine months longer than previously estimated.
It said its Annual Recurring Revenue guidance for December of 2023 is about €3.2m compared to previous estimates of mid-teens by the end of 2023. The company said it is therefore
revising its ARR guidance to approximately €17m by the end of 2024.
HealthBeacon said it is currently expected to result in cash breakeven being achieved by the second quarter of 2025.
"However, to achieve cash breakeven and scale at the pace now expected, the company has a gross funding requirement of approximately €11m over the next 18-24 months. Therefore, the
company has initiated a review of funding options to provide the required resources to deliver the forecasted growth into 2024," it stated.
During the period under review, the company launched its Injection Care Management System (ICMS) with US speciality pharmacy partner Accredo for a major global blockbuster injectable medication in July 2023.
It is now receiving over 1,700 patient referrals each month and has shipped over 1,100 units to date.
The company said it is also in the final planning stage with its next large Specialty Pharmacy Organisation and in contracting and negotiations with three others.
It said it anticipates partnering and launching its ICMS with four of the top five Specialty Pharmacy organisations by the end of next year, which will provide HealthBeacon access to over 60% of the US Specialty Injectable Market.
HealthBecaon also said it has also introduced its ICMS directly to US clinicians through its Medico CX partner and individual clinicians.
