CAMBRIDGE, Mass.--(BUSINESS WIRE)--March 11, 2004--AgaMatrix, Inc., a developer and manufacturer of blood glucose monitoring products for the diabetes market, announced today that a group of executives previously associated with Inverness Medical Technology, ("Inverness") have invested and are involved in the company. Three members of this group are actively working with AgaMatrix: John Alberico joined as the VP of Product Development; Robert Oringer as a Board Advisor providing guidance on marketing and business development strategy; and Dr. Kenneth Legg as a Board Advisor providing guidance on intellectual property and business development strategy.
Inverness was the developer of the electrochemical blood glucose monitoring system that is marketed today as the OneTouch® Ultra® by LifeScan, Inc., a Johnson and Johnson Company (NYSE: JNJ - News). J&J acquired Inverness and all of its diabetes-related assets in 2001 for $1.3 billion.
AgaMatrix closed its second round of financing in November 2003. Leading the round was an investment syndicate comprised of several former Inverness executives, investors, board members, and an original company founder. Additionally, the round included Collaborative Seed and Growth Partners and incTANK, both early-stage technology funds.
Mr. Alberico was the Managing Director of Inverness's subsidiary in Scotland which manufactured the company's glucose testing strips. During his 18-month tenure, he spearheaded efforts to increase the operation's efficiency, making the capacity to cost-effectively produce over 1 billion test strips annually. Mr. Alberico is also the founder of Medical Devices, Inc., a medical device contract manufacturer that produced the OneTouch® Ultra® meter. At AgaMatrix, Mr. Alberico heads up the development and manufacturing of the company's products.
Mr. Oringer is the President of AMG USA, a medical products company focused on developing and marketing products for healthier living. He had been appointed to the Board of Directors of Inverness in 1998 upon its acquisition of his company, Can-Am Care Corporation. Can-Am was the leading supplier of private label diabetes care products to retailers and wholesalers in the United States. After the acquisition of Inverness Medical Technology by J&J, he led an investment group in structuring the re-acquisition of Can-Am Care from J&J. As a Board Advisor, he is guiding the company's marketing and business development strategy.
Dr. Legg, a founder of Inverness, assumed a number of key roles associated with their intellectual property, operations, and finances. After the Inverness acquisition by J&J, Dr. Legg retired in 2002 from Inverness Medical Innovations (AMEX: IMA - News), the successor company to the acquired Inverness Medical Technology. He has over 35 years of academic and commercial experience in the medical device industry and holds a Ph.D. in Analytical Chemistry from MIT, practicing in electrochemistry and spectroscopy over the years. As a Board Advisor, he guides the development of the company's intellectual property portfolio and corporate development strategy.
"I believe AgaMatrix's test strip, dynamic electrochemistry, and biosensor signal processing technologies uniquely position the company to be able to provide a pipeline of truly best-in-class products for the blood glucose monitoring market. With the team assembled and a product portfolio that includes items such as a single-step, fully-integrated monitor, it is not unrealistic to believe that AgaMatrix may become the next major company to emerge in the ever-evolving diabetes market," said Dr. Legg.
"The breadth and depth of experience in the home blood glucose monitoring space embodied in this investment group is substantial. Having such resources has enhanced our position and is accelerating the roll out of our product pipeline to the market," said Sonny Vu, Founder and CEO of AgaMatrix.
AgaMatrix, Inc. (www.agamatrix.com) is a consumer medical device company based in Cambridge, Massachusetts that develops and manufactures blood glucose monitoring products for the diabetes market. Products are based on the company's proprietary WaveSense(TM) biosensor platform which consists of a suite of patent-pending test strip, dynamic electrochemistry, and biosensor digital signal processing technologies. Current products include a blood glucose monitoring system consisting of a WaveSense(TM)-enabled meter and an ultra-low volume electrochemical test strip. Future products include a fully-integrated, all-in-one blood glucose monitor that can be operated with a single user step.
OneTouch and Ultra are registered trademarks of LifeScan, Inc..
(C) 2002-2004 AgaMatrix, Inc.
Contact: AgaMatrix, Inc. Steven Banks, 617-252-6500 firstname.lastname@example.org
Source: AgaMatrix, Inc.