Biolinq Incorporated today announced the completion of $58 million in financing led by Alpha Wave Ventures, with participation from Niterra’s corporate venture capital fund jointly operated with Pegasus Tech Ventures and existing investors RiverVest Venture Partners, AXA IM Alts, Global Health Investment Corporation, Aphelion Capital, Senvest Management, Features Capital and Taisho Pharmaceutical. J.P. Morgan served as placement agent to Biolinq in connection with the financing.
The financing will support completion of a U.S. pivotal clinical trial this year, evaluating Biolinq’s proprietary intradermal glucose sensor, and subsequent FDA submission. Designed for simplicity, Biolinq’s wearable patch uses an array of tiny electrochemical sensors to measure glucose levels from the intradermal space just beneath the surface of the skin, combining glucose information with relative levels of activity in one device.
“Our technology approach enables access to a coveted, metabolically active compartment of the skin for biosensing without the use of introducer needles or bleeding,” said Rich Yang, CEO, Biolinq. “Over the past decade, our team has been pioneering a new biosensor platform designed to inform and inspire, with a mission to reach more people that are in need of simple solutions to improve metabolic health.”
Biolinq's wearable patch, placed on the upper forearm with a clear line of sight, incorporates an intuitive display on the device that informs users when glucose levels are within a target range and when glucose levels are elevated beyond a healthy range. Biolinq's array of sensors on a silicon chip are designed for redundancy, reliability and multi-analyte capabilities.
“Companies that disrupt entire industries often don’t originate from a single discipline,” said Rick Gerson, Chairman of Alpha Wave Global. “Biolinq has attracted leading experts in biosensor development, consumer electronics design, proprietary materials science, software engineering and semiconductor manufacturing to build a new category of biowearables. Biolinq is well-positioned to enter the market with a differentiated solution for people living with diabetes.”
“Biolinq's technology enables a new era for self-monitoring, with a product platform designed to make continuous sensing simple and more accessible,” said Dan Bradbury, Chairman, Biolinq. “We have a meaningful opportunity to transform care delivery and enable healthier living by opening up a new frontier in continuous sensing.”
Biolinq’s intradermal glucose sensor is an investigational device that is not yet cleared or approved by the FDA or any other regulatory authority.
