Biolinq, a health technology company with a unique wirelessly-enabled biosensor patch capable of continuously monitoring multiple biomarkers, announced it has expanded its oversubscribed Series A financing with an additional investment of $4.75 million led by the JDRF T1D Fund, Aphelion Capital and LifeSci Venture Partners. They join a strong syndicate of existing investors, including M Ventures and Hikma Ventures, the corporate venture capital arm of Hikma Pharmaceuticals (LON:HIK) who also participated in the financing. The investment brings Biolinq’s total Series A funding to $15 million.
Biolinq’s first commercial product, a unique minimally-invasive technology, will allow people living with diabetes to continuously monitor their blood glucose without the pain and hassle of traditional continuous glucose monitoring (CGM) systems. The new financing will be used to support the growth of Biolinq’s innovative technology platform and fund additional clinical studies.
“We are impressed with the initial clinical results Biolinq has achieved with their very promising technology,” said Katie Ellias, Managing Director at the JDRF T1D Fund. “We believe the company is well positioned to set new standards for minimally invasive CGMs and are excited to support Biolinq during this critical phase as they work towards bringing next-gen solutions to market and explore future applications for people living with type 1 diabetes.”
“We are excited to welcome the new investors to and see the additional capital support the momentum of innovation for Biolinq,” said Edward Kliphuis, Investment Director of the New Businesses fund at M Ventures. “We have been very pleased with the progress Biolinq made in 2018 towards the development of their novel, ‘pain-free’ CGM technology that will enable people with diabetes to better manage their condition,” said Lana Ghanem, Managing Director of Hikma Ventures.
“Our results to date demonstrate our vision to increase access to CGM and further simplify the management of diabetes,” said Jared Tangney, CEO of Biolinq. “2018 was a landmark year for Biolinq, marked by the successful completion of our first clinical study. This funding round validates our strong clinical results and will continue to advance our technology platform towards commercial feasibility.”
Biolinq also welcomes Tom Peyser, who has extensive experience in diabetes technology, to head up Scientific, Clinical, and Regulatory Affairs as Senior Vice President, to help ensure the company reaches its goal of commercial viability.
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