WaveForm Technologies Secures $56 Million in Funding to Advance Real-Time Glucose Monitoring System with Double the Usable Lifespan

VCBeat (WeChat ID: vcbeat) has learned that on July 3, 2019, blood glucose monitoring technology company WaveForm Technologies announced the completion of a $56 million financing round. This financing consisted of two parts: a $6 million equity investment and a $50 million debt facility provided by Perceptive Advisors.

In this transaction, Covington Assoc served as the financial advisor to WaveForm Technologies, while Gunderson Dettmer Stough Villeneuve Franklin and Hachigian acted as its legal counsel.

WaveForm Technologies will use the financing to repay debt, expand production capacity, and conduct product development and clinical trials, thereby accelerating the commercialization of its real-time glucose monitor, WaveForm, in Europe and facilitating FDA approval for its products.

WaveForm Technologies, a wholly owned subsidiary of diabetes care company AgaMatrix, was established in 2017 and focuses on discovering and developing novel patented technologies for diabetes care, thereby providing comprehensive solutions for patients with diabetes.

WaveForm Technologies is developing a real-time continuous glucose monitor named WaveForm. This product has entered the human clinical trial phase. Meanwhile, the company is also developing hardware, software, and data storage platforms related to WaveForm.

WaveForm consists of a sensor insertion tool, a thin sensor wire, a polymer coating, and an on-body transmitter. WaveForm measures glucose levels once per minute, can be used continuously for 14 days, whereas conventional sensors have a service life of 7 days.

Compared with similar products currently on the market, WaveForm offers advantages such as rapid operation, ease of use, painlessness, minimal interference, low data error, and extended service life.

Additionally, WaveForm is developing a closed-loop insulin delivery system integrated with real-time continuous glucose monitors.

John Alberico, President and Chief Executive Officer of WaveForm Technologies, stated, “This financing strengthens the company’s financial position and provides the necessary resources for us to develop world-class real-time blood glucose monitoring technologies in the field of diabetes care. We believe that with continued capital infusion, we are well-positioned to address challenges in diabetes care and continue developing novel glucose sensor products.”

Jackson McAdam, Chief Financial Officer of WaveForm Technologies, added, “This latest round of financing will help our novel sensor technology capture a significant market share in the field of diabetes care. Our real-time blood glucose monitor has achieved exciting results in clinical trials, and we look forward to this product improving the lives of patients with both type 1 and type 2 diabetes.”

Perceptive Advisors, headquartered in New York, USA, is a privately owned hedge fund that invests in global public equity markets, employing long/short equity strategies as hedging techniques. The fund typically focuses its investments on the biotechnology and life sciences sectors.

(Compiled by Jiao Yanli)