AgaMatrix, Inc. and WaveForm Technologies, Inc. Complete $56 Million Capital Raise
SALEM, NH and WILSONVILLE, OR, July 3, 2019 – AgaMatrix, Inc. (“AgaMatrix”) and WaveForm Technologies, Inc. (“WaveForm”), wholly owned subsidiaries of WaveForm Diabetes (formerly AgaMatrix Holdings, LLC), today announced that it closed on a total capital raise of $56 million. 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 WaveForm Diabetes. “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 WaveForm Diabetes. “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.
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 8 million blood glucose monitors and over 3 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 its innovative continuous glucose monitoring technology, which is currently undergoing human clinical trials, and related firmware, software and data storage platforms.
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;
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For Additional Information Contact
Cara Mottolo, WaveForm Diabetes
Jackson McAdam, WaveForm Diabetes