Glucotrack (Nasdaq:GCTK) announced today that it secured a bridge financing to support the completion of its merger with Lōkahi Therapeutics.
The bridge financing, designed to support their strategic growth objectives, allows for the completion of the combination to proceed. Glucotrack did not disclose the terms of the financing.
Earlier this week, the company’s announced their deal through which Lōkahi became the operating and controlling business of the combined company. It now leverages Glucotrack’s continuous blood glucose monitoring (CBGM) business as a wholly owned subsidiary.
Rutherford, New Jersey-based Glucotrack’s develops a CBGM device that features no on-body external component. The company aims to offer it for three years of continuous, accurate blood glucose monitoring for a more convenient, less intrusive solution. Combining with Lōkahi adds a dual-engine model of late-stage clinical development capabilities and ai² platform-driven asset sourcing with Glucotrack’s existing technology infrastructure. They hope to create a scalable, repeatable framework for value creation.
According to a news release, the bridge financing provides the company with additional financial flexibility as it looks to complete strategic initiatives. The company also plans to evaluate additional financing opportunities to strengthen its balance sheet, advance initiatives and support value creation.
Glucotrack expects to provide additional information regarding these activities as appropriate in the future.
“The successful completion of this bridge financing represents an important step in our broader strategic plan,” said Erik Emerson, CEO of Glucotrack, who previously served as CEO of Lōkahi Therapeutics. “We appreciate the support and guidance of E.F. Hutton & Co. as we complete the integration of Glucotrack and Lōkahi and evaluate additional capital formation opportunities. We believe these initiatives position the Company to expand its strategic capabilities and create a stronger platform for future growth.”
