Daily News: October 6, 2017

Prospect Capital Provides $32MM Financing to AgaMatrix


AgaMatrix, a wholly owned subsidiary of AgaMatrix Holdings, entered a $32 million senior term loan facility with Prospect Capital. The proceeds from the term loan facility will be used to support sales and marketing, product development and clinical trial initiatives for both AgaMatrix and for WaveForm Technologies, a separate wholly owned subsidiary of AgaMatrix Holdings.

“The completion of this transaction with Prospect represents the next step in moving both companies forward,” said John Alberico, president and CEO of AgaMatrix Holdings. “We believe this transaction offers us the opportunity to more actively explore increased investment in both AgaMatrix and WaveForm over the next several years.”

“There is great opportunity for our accurate, low cost AgaMatrix BGM technology to capture significant market share with the additional investment afforded by the Prospect transaction,” said Thomas Bailey, CFO of AgaMatrix Holdings. “We are also excited by the results of recent clinical trials supporting the development of WaveForm’s novel continuous glucose monitoring technology, and are eager to pursue the tremendous market opportunity for WaveForm’s product candidates as a fully independent company.”

The completion of the senior term loan facility with Prospect represents the next step in the reorganization of AgaMatrix into two separate businesses. AgaMatrix commenced steps to reorganize the company in late 2016, in order to expand the range of strategic and financing opportunities available for its wide range of technologies and products.

Covington Associates served as financial advisor with respect to the transaction, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian served as legal counsel.

Salem, NH-based AgaMatrix is a holding company for two businesses that develop novel and proprietary technologies for diabetes care, AgaMatrix and WaveForm Technologies.