AgaMatrix Completes $32 Million Financing Transaction With Prospect Capital
SALEM, NH, October 5, 2017 – AgaMatrix, Inc. (“AgaMatrix”), a wholly owned subsidiary of WaveForm Diabetes (formerly AgaMatrix Holdings, LLC), today announced it had entered a $32 million senior term loan facility with Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”). The proceeds from the term loan facility will be used to support sales and marketing, product development and clinical trial initiatives for both AgaMatrix, Inc., and for WaveForm Technologies, Inc., a separate wholly owned subsidiary of WaveForm Diabetes.
“The completion of this transaction with Prospect represents the next step in moving both companies forward,” said John Alberico, President and CEO of WaveForm Diabetes. “We believe this transaction offers us the opportunity to more actively explore increased investment in both AgaMatrix and WaveForm over the next several years.”
“There is great opportunity for our accurate, low cost AgaMatrix BGM technology to capture significant market share with the additional investment afforded by the Prospect transaction,” said Thomas Bailey, CFO of WaveForm Diabetes. “We are also excited by the results of recent clinical trials supporting the development of WaveForm’s novel continuous glucose monitoring technology, and are eager to pursue the tremendous market opportunity for WaveForm’s product candidates as a fully independent company.”
The completion of the senior term loan facility with Prospect represents the next step in the reorganization of AgaMatrix, Inc. into two separate businesses. AgaMatrix commenced steps to reorganize the Company in late 2016, in order to expand the range of strategic and financing 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.
About WaveForm Diabetes (formerly AgaMatrix Holdings, LLC)
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.;
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For Additional Information
Cara Mottolo, WaveForm Diabetes