With a $32 million loan in hand, AgaMatrix said this week it plans to reorganize the companies into two entities – AgaMatrix, Inc. and WaveForm Technologies.
The holding company raised $32 million from Prospect Capital Corp. and said it will use the funds to support sales and marketing, product development and clinical trial activities for its blood glucose monitoring products and closed-loop insulin delivery solutions.
“With the completion of the Prospect transaction, we’ve initiated the remaining steps to complete the reorganization of our company,” AgaMatrix Holdings president & CEO John Alberico said in prepared remarks.
“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 is slated to focus on the company’s currently marketed blood glucose monitoring products, like its recently-launched Jazz Wireless 2 Bluetooth-enabled BGM product and its diabetes manager software app.
Meanwhile, WaveForm Technologies plans to focus on the development of a proprietary CGM platform, the company reported. The technology was bought last year from iSense CGM Inc. and Bayer Healthcare and features painless needle insertion and longer potential sensor life, the company touted.