Covington Associates Announces Advisory Role to Biolinq in Connection with $100 Million Capital Raise

November 2, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Biolinq Incorporated, a medical device company developing a continuous glucose sensor with a novel integrated display on its wearable device, on their total capital raise of $100 million led by RiverVest Venture Partners.

Biolinq has developed a micro-array of biosensors to measure interstitial fluid glucose levels just under the surface of the skin, leveraging innovation from the semiconductor industry to miniaturize electrochemical sensors designed for precision manufacturing and significant scale. Biolinq’s wearable patch is comprised of several independent, miniature biosensors (about 25 times smaller than conventional glucose sensors) that enable redundant measurements of target analytes, an important foundation for sensor reliability and consistent real-time performance.

Biolinq’s unique approach in defining a new, personalized user experience includes needle-free sensor application, multiplexed sensing capabilities, and immediate biosensor feedback with a novel user interface on its compact wearable patch designed to simplify diabetes management and future consumer health and wellness applications. Early feasibility studies have demonstrated the capability of Biolinq’s microarray patch to track glucose levels continuously for up to seven days in people with diabetes.

This record private capital raise in the continuous glucose monitoring space includes participation from T&W Medical, AXA IM Alts, Global Health Investment Corporation, Ascensia Diabetes Care, Longevity Vision Fund, Falcon Edge Capital, Aphelion Capital, M Ventures, Hikma Ventures, Senvest, The Broe Group, Taisho Pharmaceutical, Cirrus Logic, EOFlow, Able Partners and the JDRF T1D Fund.

“We now have an opportunity to expand the sensing category and deliver a new generation of sensing capabilities that can reach millions of lives in the diabetes community and beyond,” said Rich Yang, Biolinq’s CEO. “We’re grateful to RiverVest and our Biolinq Co-Founders, Jared Tangney, PhD, and Joshua Windmiller, PhD, for supporting and leading this important mission.”

“We are pleased to be catalyzing this next stage of development for Biolinq’s novel biosensing applications,” said Nancy Hong, PhD, Managing Director at RiverVest Venture Partners. “Biolinq is a genuine game-changer – with a product platform designed to make continuous sensing simple and more accessible. The investment very much aligns with our goals to address unmet medical needs and support amazing entrepreneurs through science, strategy and innovation.”

“We are proud to invest in Biolinq’s innovative bio-wearable multi-analyte platform that addresses major public health issues worldwide, starting with diabetes,” said Zina Affas Besse, PhD, Managing Partner, advising AXA IM Alts and Global Health Investment Corporation. “We look forward to supporting the company through the upcoming key clinical, regulatory, manufacturing and commercialization milestones, delivering global tangible impact alongside the potential for attractive financial returns.”

ABOUT COVINGTON ASSOCIATES

Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $20 billion. Further information can be found at http://www.covingtonassociates.com/overview/.

ABOUT BIOLINQ

Biolinq is a medical device company developing a wearable biosensor platform that measures biomarkers important to the management of many clinical conditions, including diabetes. The company’s first product is a needle-free, intelligent continuous glucose sensor. Learn more at www.biolinq.com.