SALEM, N.H., Oct. 5, 2017 /PRNewswire/ -- AgaMatrix, Inc. ("AgaMatrix"), a wholly owned subsidiary of AgaMatrix Holdings LLC, today announced it had entered a $32 million senior term loan facility with Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect"). The proceeds from the term loan facility will be used to support sales and marketing, product development and clinical trial initiatives for both AgaMatrix, Inc., and for WaveForm Technologies, Inc., a separate wholly owned subsidiary of AgaMatrix Holdings, LLC.
"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 LLC. "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 LLC. "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, Inc. 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 LLC served as financial advisor with respect to the transaction, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel.
About AgaMatrix Holdings LLC
AgaMatrix Holdings LLC is a holding company for two businesses that develop novel and proprietary technologies for diabetes care, AgaMatrix Inc. and WaveForm Technologies Inc.
AgaMatrix, Inc. provides diagnostic technologies for diabetes care, including blood glucose monitoring devices and related firmware, software and data storage solutions. AgaMatrix has developed, manufactured and commercially launched 17 blood glucose monitoring products since the Company's 2001 inception, and has sold over 2 million blood glucose monitors and over 7 billion disposable test strips. AgaMatrix, Inc. owns and operates manufacturing and engineering facilities in Salem, NH USA and in Guangdong Province, China.
WaveForm Technologies Inc. discovers and develops novel and proprietary new technologies for diabetes care. WaveForm's products under development include innovative continuous glucose monitoring technology, which is currently undergoing human clinical trials, and related firmware, software and data storage platforms. WaveForm is also developing a proprietary "closed loop" insulin delivery platform designed to provide a complete solution for patients living with diabetes.
Forward-Looking Statements and Historical Financial References
This press release contains forward-looking statements, which provide our current expectations or forecasts of future events. Forward-looking statements include, without limitation:
- information concerning possible or assumed future operations, business plans, product development plans or financial results for AgaMatrix Holdings LLC, AgaMatrix Inc. and WaveForm Technologies Inc.;
- statements about our potential or prospects for future product sales;
- statements about our future levels of operating expenses, or operating profit or loss;
- statements about our research and product development activities and schedules;
- statements about our future capital requirements and the sufficiency of our cash, cash equivalents, investments and other sources of funds to meet these requirements;
- other statements about our plans, objectives, expectations and intentions; and
- other statements that are not historical fact.
In some cases, you can identify forward-looking statements by words such as "anticipate," "believe" or "intend," but the absence of those words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.
You should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statements to reflect circumstances or events after the date of this press release, or to reflect the occurrence of unanticipated events.
For Additional Information
Cara Mottolo, AgaMatrix Holdings LLC
Thomas Bailey, AgaMatrix Holdings LLC
SOURCE AgaMatrix, Inc.