SPI Digital Health: Turbulent Waters in the Rivers of Babylon
Published: August 23, 2023
The end, when it came, was as swift as it was expected. Beleaguered Babylon Health, which just three months ago secured a $34.5M bridging loan to buy itself time to restructure and re-capitalise, simply ran out of time.
On the brink of bankruptcy, it has called time on its heavy loss-making US operations entirely, laying off all staff and cancelling nearly all contracts there and transferring its customers to other providers. It delisted from the New York Stock Exchange last month, and an eleventh-hour merger plan with Swiss digital therapeutics company MindMaze fell through.