The diabetes diagnostic-focused AgaMatrix has secured a capital raise of about $56 million, with plans to support clinical trials of a continuous glucose monitoring system being developed under its WaveForm Technologies subsidiary.

The money includes $50 million in senior financing from Perceptive Advisors, plus over $6 million from new and previous backers of the company. AgaMatrix also plans to use the proceeds to repay debt and increase production capacity, alongside the CGM’s commercialization in Europe and preparations ahead of an FDA clearance.

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"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," AgaMatrix CFO Jackson McAdam said in a statement.

"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,” McAdam added.

WaveForm recently inked a distribution deal with A. Menarini Diagnostics, based in Florence, Italy, to bring its CGM offering to Europe, the Middle East, Africa and Latin America.

The monitoring system will also integrate with A. Menarini’s connected diabetes care platform. Additionally, A. Menarini and AgaMatrix are discussing terms to commercialize a Bluetooth-enabled blood glucose monitor and future products, the companies said.