On the heels of its official launch last month, health tech startup Florence picked up Zipnosis from Bright Health to expand its virtual care capabilities.
Bright Health, which is looking to shed business lines as it tries to stave off bankruptcy, bought the white-labeled virtual care solution just two years ago. Bright Health revealed March 1 that it had overdrawn its credit and would need to secure $300 million by the end of April to stay afloat.
The embattled insurtech secured an extension to its credit facility through June 30, giving it a few extra months to avoid going belly-up. To ensure it qualifies for the extension, the company must deliver an initial draft purchase agreement to one or more interested buyers for its California Medicare Advantage business by the end of the month, according to a filing with the Securities and Exchange Commission.