London, 27 November 2017 – Hikma Pharmaceuticals PLC (Hikma) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1 Moody’s / BB+ S&P, both stable) announces that its venture capital arm, Hikma Ventures Limited (Hikma Ventures) invested in Biolinq, the next generation minimally-invasive biosensor technology company, in collaboration with M Ventures which led the $10 million series A round of financing. Lana Ghanem, Managing Director of Hikma Ventures and Edward Kliphuis, Investment Director of the New Businesses fund at M Ventures will be joining the Biolinq Board of Directors.
Biolinq is a digital health company with a unique, wirelessly-enabled biosensor patch that is capable of continuously monitoring multiple biomarkers. Biolinq’s first commercial product, a unique minimally-invasive technology will allow patients with diabetes to continuously monitor their blood glucose without the pain and hassle of traditional continuous glucose monitoring (CGM) systems.
Lana Ghanem, Managing Director of Hikma Ventures, said, “Diabetes is a chronic disease affecting millions of people worldwide with a high prevalence in the Middle East and North Africa. We enjoyed working alongside the M Ventures team on closing this investment and we look forward to working with the Biolinq team and our other co-investors to bring this technology to patients.”
“We are leading this round of investment with an excellent group of co-investors, all with the same goal of making the convenient and painless monitoring of multiple biomarkers a reality for patients in need,” said Edward Kliphuis, investment director of the New Businesses fund at M Ventures. “As investors, we fully recognize the value of Biolinq’s skin-applied, minimally-invasive electrochemical biosensor platform technology."
Jared Tangney, CEO of Biolinq, said, “This funding round will fuel the growth of our technology platform. Our first product is not just another CGM technology, but a platform we built from the ground up with a focus on the end user. Our vision is to utilize our novel manufacturing approach to achieve low-cost and high uniformity, enabling factory calibration (no finger sticks) in a nickel-sized patch. With our low cost-of-goods and ease-of-use, we plan to increase access to CGM and simplify diabetes management.”