AgaMatrix Announces Reorganization, and Formation of WaveForm Technologies, Inc.
WaveForm to Develop and Commercialize Proprietary Continuous Glucose Monitoring and “Closed Loop” Insulin Delivery Solutions
Salem, NH and Wilsonville, OR, October 5, 2017 – AgaMatrix, Inc. today announced that it had concluded additional steps of a corporate reorganization, as approved by its shareholders and commenced in December 2016, to separate its business into two operating entities. The announced financing transaction with Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) concluded a significant step of the reorganization.
Upon the reorganization, a new holding company, WaveForm Diabetes (formerly AgaMatrix Holdings, LLC), was formed. WaveForm Diabetes owns 100% of the capital stock of two operating businesses, AgaMatrix, Inc. (“AgaMatrix”), and WaveForm Technologies, Inc. (“WaveForm”). The completed financing with Prospect enables WaveForm Diabetes to facilitate capital plans for and investment in both businesses.
“With the completion of the Prospect transaction, we’ve initiated the remaining steps to complete the reorganization of our Company,” said John Alberico, President and CEO of WaveForm Diabetes. “These next steps will enable each organization to focus on its strongest competencies and set an appropriate strategic direction. We are excited about the technology, products and services our two companies offer to the diabetes community and their caregivers.”
AgaMatrix will continue to focus on its currently marketed blood glucose monitoring (“BGM”) products and related technologies. AgaMatrix will manufacture and provide those products on a direct basis, as well as to the Company’s major commercial partners. AgaMatrix products and technology include the recently launched Jazz™ Wireless 2 Bluetooth-enabled BGM product, the AgaMatrix Diabetes Manager software application, and an open source software development kit and HIPAA compliant cloud storage platform designed to facilitate easy and rapid development of Jazz Wireless 2 companion applications. AgaMatrix BGM products incorporate the Company’s proprietary WaveSense™ technology. AgaMatrix BGM products have been shown in a number of independently conducted clinical studies to consistently provide more accurate measurements of blood glucose as compared to competing BGM platforms.
WaveForm Technologies will focus on the development of a proprietary continuous glucose monitoring (“CGM”) platform, and related product opportunities. WaveForm’s CGM technology was acquired in early 2016 from iSense CGM Inc. and Bayer Healthcare. The WaveForm CGM technology includes some of the earliest inventions and intellectual property relating to the continuous measurement of blood glucose, and offers several potential advantages as compared to currently marketed CGMs, including lower cost, longer potential sensor life and easy and painless needle insertion.
Prior to the acquisition, eight human clinical studies had been completed by Bayer Healthcare illustrating the technology’s significant potential. WaveForm is currently conducting a series of additional human clinical trials designed to secure approval to market its CGM product candidate. WaveForm’s clinical trials to date suggest its CGM technology provides measurements of blood glucose that are consistent with the accuracy and performance of currently marketed CGM products. WaveForm currently expects to receive CE mark approval for its CGM product candidate in the European Union in 2018, and is planning human clinical trials to support a PMA submission to seek approval to market and sell the system in the United States, potentially as early as 2019.
About WaveForm Diabetes (formerly AgaMatrix Holdings, LLC), AgaMatrix Inc. and WaveForm Technologies, Inc.
WaveForm Diabetes is a holding company for two businesses that develop novel and proprietary technologies for diabetes care, AgaMatrix Inc. and WaveForm Technologies, Inc.
AgaMatrix Inc. provides diagnostic technologies for diabetes care, including blood glucose monitoring devices and related firmware, software and data storage solutions. AgaMatrix has developed, manufactured and commercially launched 17 blood glucose monitoring products since the Company’s 2001 inception, and has sold over 2 million blood glucose monitors and over 7 billion disposable test strips. AgaMatrix Inc. owns and operates manufacturing and engineering facilities in Salem, NH USA and in Guangdong Province, China.
WaveForm Technologies, Inc. discovers and develops novel and proprietary new technologies for diabetes care. WaveForm’s products under development include innovative continuous glucose monitoring technology, which is currently undergoing human clinical trials, and related firmware, software and data storage platforms. WaveForm is also developing a proprietary “closed loop” insulin delivery platform designed to provide a complete solution for patients living with diabetes.
Forward-Looking Statements and Historical Financial References
This press release contains forward-looking statements, which provide our current expectations or forecasts of future events. Forward-looking statements include, without limitation:
- information concerning possible or assumed future operations, business plans, product development plans or financial results for WaveForm Diabetes, AgaMatrix Inc. and WaveForm Technologies, Inc.;
- statements about our potential or prospects for future product sales;
- statements about our future levels of operating expenses, or operating profit or loss;
- statements about our research and product development activities and schedules;
- statements about our future capital requirements and the sufficiency of our cash, cash equivalents, investments and other sources of funds to meet these requirements;
- other statements about our plans, objectives, expectations and intentions; and
- other statements that are not historical fact.
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You should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statements to reflect circumstances or events after the date of this press release, or to reflect the occurrence of unanticipated events.
For Additional Information
Cara Mottolo, WaveForm Diabetes