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Medtech in a Minute: Proteus Goes Bankrupt, FDA Yanks Chembio's EUA, and More

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Pressed for time? Here's the medtech news you need most, in one minute or less.

A Digital Health 'Unicorn' Goes Bankrupt

Once dubbed a digital health "unicorn" that was valued at $1.5 billion, Proteus Digital Health, has filed for Chapter 11 bankruptcy protection. The company told MD+DI that filing for bankruptcy protection allows Proteus to continue its sales process in a more concerted and efficient manner while continuing to run the business as usual.

FDA Yanks Chembio's COVID-19 Antibody Test from the Market

Chembio Diagnostics’s emergency use authorization for a SARS-CoV-2 antibody test has been revoked by FDA. Chembio was among the first firms to get EUA for an antibody test during the pandemic. The federal agency said it revoked the EUA because of performance concerns with the accuracy of the test.

Second Sight Assets Going Once, Going Twice ...

An online public auction of Second Sight Medical Products’ assets will be conducted by GA Global Partners on June 25. The company develops implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals. FDA greenlit Second Sight's Argus II retinal prosthesis system in 2013. In late March, the company announced it would lay off 84 of its 108 employees because of an inability to secure additional funding resulting in the economic shock caused by COVID-19.

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