Rockley Photonics has emerged from Chapter 11 after filing for bankruptcy protection in January 2023 thanks to $35 million in funding from stakeholders.
The optoelectronics and medical technology company announced that it has completed a “comprehensive financial restructuring”, and says its material customer relationships remain in place.
Rockley adds that it is on schedule with all programmes including its development of remote patient monitoring technology, and that it continues to see promising results relating to a number of biomarkers, including glucose, and anticipates releasing those results in the second half of 2023.
Dr Andrew Rickman, CEO of Rockley, said: “Rockley’s ability to emerge from Chapter 11 in just 46 days was a significant achievement and marks the beginning of a new era for the company. Our stakeholders' ongoing belief in Rockley has provided us with a greatly strengthened balance sheet and the funds to continue to develop disruptive technology for the med tech market. We greatly appreciate the continued support not only of our stakeholders but also of our suppliers, partners and employees. I look forward to the opportunity to continue to develop Rockley’s products and bring them to market.”
