The High Court has appointed an interim examiner to Irish medtech company Healthbeacon.
Shane McCarthy of KPMG was appointed ahead of a full examiner application hearing on November 7.
In a statement following the development, the board said it believes the business can stabilise, recover and emerge from the process, preserving jobs in the process.
"As part of the process, the Company has entered into a funding agreement with Hamilton Beach Brands Inc. under which Hamilton Beach Brands Inc. has committed to funding the working capital requirements of the Company for the period while it is under the protection of the Court up to an amount of €1,850,000," Healthbeacon said in a statement.
The company said its shares will remain suspended from Euronext Growth stock market in Dublin "pending clarification of its financial position."
Earlier this month the shares were suspended when the board warned it was in a "highly constrained financial position."
At the time it said it required "additional financing urgently in order to continue as a going concern".
It cautioned that it only had enough cash to continue trading until the end of this month following a deterioration in its short-term working capital position.
At the end of September, the company issued a sales warning following delays in rolling out major contracts in the US.
It also revealed at that point that founder, Jim Joyce, would be stepping down as Chief Executive.
He has since been replaced on an interim basis by Rebecca Shanahan, an independent non-executive director.
Mr Joyce also subsequently stepped down the board of the company.
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.
