Covington Associates Announces Advisory Role with AgaMatrix, Inc. and WaveForm Technologies, Inc. in Connection with $56 Million Capital Raise

July 3, 2019 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to AgaMatrix, Inc. (“AgaMatrix”) and WaveForm Technologies, Inc. (“WaveForm”), wholly owned subsidiaries of AgaMatrix Holdings LLC, on their total capital raise of $56 million. The raise includes over $6 million in financing from existing and new investors and $50 million in senior financing from Perceptive Advisors. The proceeds from the capital raise will be used for repayment of debt and to support increased production capacity, product development, and additional clinical trial initiatives for the commercialization of WaveForm’s Continuous Glucose Monitor (CGM) in Europe and FDA clearance in the USA.

“The completion of this transaction with our new partners at Perceptive Advisors propels our commercial efforts forward and provides the resources necessary for continued development of world-class CGM technologies for diabetes care,” said John Alberico, President and CEO of AgaMatrix Holdings LLC. “We believe with this capital raise we have the resources to meet the challenges of the ever expanding CGM market and to support the development of WaveForm’s next generation continuous glucose sensing products.”

“There is great opportunity for our innovative sensor technology to capture significant market share through increased investment in production equipment, research and development, and operational resources afforded by the latest financing,” said Jackson McAdam, CFO of AgaMatrix Holdings LLC. “We are also excited by the favorable results of the WaveForm continuous glucose monitor in clinical trials, and eager to pursue the significant market opportunity for our WaveForm product across both Type 1 and Type 2 diabetes segments.”

The completion of the capital raise with Perceptive Advisors and others represents the next step for both AgaMatrix and WaveForm to expand the range of strategic and commercial opportunities available for its wide range of technologies and products.

About Covington Associates

Covington Associates is a leading middle market investment banking firm offering advisory services in the areas of M&A, capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Covington’s mission has remained unchanged since its founding in 1991 – 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 more than 300 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information about Covington Associates can be found at http://www.covingtonassociates.com/overview.

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 8 million blood glucose monitors and over 3 billion disposable test strips.

WaveForm Technologies Inc. discovers and develops novel and proprietary new technologies for diabetes care. WaveForm’s products under development include its innovative continuous glucose monitoring technology, which is currently undergoing human clinical trials, and related firmware, software and data storage platforms.

About Perceptive Advisors

Founded in 1999, Perceptive Advisors focuses on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare. Today, the firm manages approximately $4.2 billion+ across its strategies. For further information on Perceptive Advisors please visit https://www.perceptivelife.com/.