Digital therapeutics company HealthBeacon said its former CEO Jim Joyce has stepped down from the company as a non-executive director.
Mr Joyce announced he was stepping down as CEO on September 26 but at the time said he would stay on as a non-executive director.
On Friday, HealthBeacon shares were suspended from the Euronext Growth Dublin index after the board of the medtech firm warned that it was in a "highly constrained financial position".
It added that it "requires additional financing urgently in order to continue as a going concern".
The company said it now only has sufficient cash to continue to trade until the last week of October, following a deterioration in its short-term working capital position.
Its shares had dropped over 63% in Dublin trade on Friday before they were suspended.
At the start of October HealthBeacon had said that at the end of September it had around €500,000 in net cash on its balance sheet which, along with expected working capital changes, would give it enough cash to continue to trade until the middle of November.
"Since the announcement on 5 October 2023, the company has explored various financing options to improve its short-term working capital position as well as longer term funding requirements including discussions with key stakeholders and other providers of capital, and explored the potential sale of its business divisions," it said on Friday.
"These financing alternatives have not to date been concluded, however, the company continues to pursue funding solutions," it added.
It added that it continues to explore all options to raise finance and otherwise to maximise the interests of creditors and other stakeholders.
At the end of September, the company issued a sales warning following delays in rolling out major contracts in the US.
HealthBeacon has developed solutions aimed at assisting patients to adhere to the schedules for injectable medications, including a smart sharps bin.
The company floated on the Euronext Dublin in December of 2021.
Its shares have sank over 90% since the middle of September.
