AgaMatrix and WaveForm Technologies, wholly owned subsidiaries of AgaMatrix have closed on a total capital raise of $56m (£44.5m).
Image: AgaMatrix and WaveForm secure £44.5m capital. Photo: Courtesy of hokmesso/FreeDigitalPhotos.net
The raise includes over $6 million in financing from existing and new investors and $50 million in senior financing from Perceptive Advisors. The proceeds from the capital raise will be used for repayment of debt and to support increased production capacity, product development, and additional clinical trial initiatives for the commercialization of WaveForm’s Continuous Glucose Monitor (CGM) in Europe and FDA clearance in the USA.
“The completion of this transaction with our new partners at Perceptive Advisors propels our commercial efforts forward and provides the resources necessary for continued development of world-class CGM technologies for diabetes care,” said John Alberico, President and CEO of AgaMatrix Holdings LLC. “We believe with this capital raise we have the resources to meet the challenges of the ever expanding CGM market and to support the development of WaveForm’s next generation continuous glucose sensing products.”
“There is great opportunity for our innovative sensor technology to capture significant market share through increased investment in production equipment, research and development, and operational resources afforded by the latest financing,” said Jackson McAdam, CFO of AgaMatrix Holdings LLC. “We are also excited by the favorable results of the WaveForm continuous glucose monitor in clinical trials, and eager to pursue the significant market opportunity for our WaveForm product across both Type 1 and Type 2 diabetes segments.”
The completion of the capital raise with Perceptive Advisors and others represents the next step for both AgaMatrix and WaveForm to expand the range of strategic and commercial opportunities available for its wide range of technologies and products.
Covington Associates LLC served as financial advisor with respect to the transaction, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel.
Source: Company Press Release