AgaMatrix said today that it brought in a $56 million funding round for the eponymous continuous glucose monitor its WaveForm Technologies subsidiary is developing.
The round, which includes $6 million from new and existing backers and $50 million in senior debt financing from Perceptive Advisors, is slated for paying down debt and increasing production capacity, product development and clinical work for the commercialization of WaveForm’s CGM in Europe and FDA clearance in the U.S., Salem, N.H.-based AgaMatrix said.
“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,” president & CEO John Alberico said in prepared remarks. “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 & development and operational resources afforded by the latest financing,” added CFO Jackson McAdam. “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.”
Covington Assoc. was financial advisor on the deal, with Gunderson Dettmer Stough Villeneuve Franklin & Hachigian as counsel, AgaMatrix said.
