AgaMatrix, Inc. had finalized a senior term loan facility worth $32 million with Prospect Capital Corporation (NASDAQ:PSEC). The proceeds from this term loan facility will be utilized to support marketing and sales, product advancement and clinical trial measures for both WaveForm Technologies, Inc. and AgaMatrix.
John Alberico, the CEO and President of AgaMatrix Holdings LLC, expressed that the closure of this deal with Prospect Capital represents the next step in advancing both firms. They consider this deal provides them the prospect to more actively look for increased investment in both WaveForm and AgaMatrix over the next many years.
Thomas Bailey, the CFO of AgaMatrix Holdings, stated that there remains a great opportunity for their accurate, low cost AgaMatrix BGM know-how to capture considerable market share with the additional investment gave by the Prospect deal. They are also thrilled by the outcome of recent clinical studies supporting the advancement of WaveForm’s unique continuous glucose monitoring know-how, and are eager to pursue the remarkable market prospect for WaveForm’s offering candidates as a fully independent firm.
The closure of the senior term loan facility with Prospect Capital demonstrates the next step in the restructuring of AgaMatrix, Inc. into two distinct businesses. AgaMatrix initiated steps to reorganize the firm in late 2016, in attempt to expand the range of financing and strategic opportunities available for its extensive range of products and technologies.
AgaMatrix Holdings is a holding firm for two businesses that advance proprietary and novel technologies for diabetes care, WaveForm Technologies Inc and AgaMatrix Inc. The latter firm offers diagnostic technologies for diabetes care. AgaMatrix has advanced, manufactured and commercially introduced 17 blood glucose monitoring offerings since the firm’s 2001 inception, and has sold more than 2 million blood glucose monitors and 7 billion disposable test strips. It operates and owns engineering and manufacturing facilities in Guangdong Province, China and in Salem, NH USA.