March 28, 2019 07:00 AM Eastern Daylight Time
SAN DIEGO–(BUSINESS WIRE)–Biolinq, a health technology company with a unique wirelessly-enabled biosensor patch capable of continuously monitoring multiple biomarkers, today 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.
“We are impressed with the initial clinical results Biolinq has achieved with their very promising technology”
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 the group 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.
About Biolinq Incorporated
Biolinq is a health technology company developing a skin-applied, minimally-invasive electrochemical biosensor platform which analyzes biomarkers in the interstitial fluid to provide actionable health information. Given the platform potential of the technology and the unique ability to simultaneously measure multiple biomarkers, the company aims to develop a pipeline of biomonitoring products. Biolinq was founded in 2012 (as Electrozyme, LLC), and is located in San Diego.
JDRF T1D Fund
The JDRF T1D Fund (www.t1dfund.org) is a venture philanthropy fund accelerating life-changing solutions to cure, prevent, and treat type 1 diabetes (T1D) through catalytic commercial investments. Through its investments in partnerships with private capital, including venture capital, corporations and foundations, the T1D Fund seeks to attract the private investment necessary to advance drugs, devices, diagnostics, and vaccines into the hands of those living with T1D. The T1D Fund invests in areas strategically aligned with JDRF, the leading global organization funding T1D research, with an exclusive focus on supporting the best commercial opportunities. The T1D Fund will reinvest any realized gains into new investments to further its mission.
Aphelion Capital invests in ideas, entrepreneurs, and companies with promising medical technologies that improve the quality and efficiency of healthcare delivery. To each opportunity, they bring the perspective of an investor, a clinician, an entrepreneur, and an industry executive. Aphelion works closely with the American Heart Association by managing Cardeation Capital, also invested in Biolinq, in a collaborative venture model to make smart decisions that support companies and entrepreneurs.
LifeSci Venture Partners
Formed in 2017, LifeSci Venture Partners is the early stage investing arm of LifeSci Partners, a unique life sciences and healthcare consultancy formed in 2010. The venture fund focuses on pre-public institutional rounds of transformational healthcare companies managed by exceptional founder/entrepreneurs. The investment principals include broad-ranging life sciences experience including public and private investing, deal structuring, investment banking, equity capital markets, equity research, and bench research – both basic science and applied.