What You Should Know:
– Better Therapeutics (BTTX), a developer of prescription digital therapeutics (PDT), announced today it is shuttering operations and terminating its employees as they explore strategic alternatives.Â
– The announcement follows a special meeting of the board of directors on March 13, 2024.
Strategic Crossroads
The company will explore strategic options, including:
- Assignment for the Benefit of Creditors (ABC): In an ABC, an independent trustee takes control of the company’s assets and distributes them to creditors according to a court-approved plan.
- Company Wind-Down: This involves shutting down operations and selling off assets in an orderly fashion.
Nasdaq Delisting
Better Therapeutics previously disclosed the potential delisting of its stock from the Nasdaq Stock Market due to non-compliance with listing standards. The company has voluntarily requested delisting, and it is expected to happen soon.
Better Therapeutics Background & History
Better Therapeutics was a company focused on developing prescription digital therapeutics (PDT) to address cardiometabolic diseases, primarily type 2 diabetes. They aimed to create mobile apps with cognitive behavioral therapy (CBT) programs to deliver therapy directly to patients through their smartphones. The Company developed a proprietary platform for the development of FDA-regulated, software-based solutions for T2D, heart disease and other conditions. The CBT delivered by Better Therapeutics’ PDTs is designed to enable changes in neural pathways of the brain so lasting changes in behavior become possible. Addressing the underlying causes of these diseases has the potential to dramatically improve patient health while lowering healthcare costs. The company went public in 2023, trading under the symbol BTTX on the Nasdaq Stock Market.
