Hikma Pharmaceuticals, a multinational pharmaceutical company, has revealed that its venture capital arm, Hikma Ventures Limited, has invested in Biolinq, the next generation minimally-invasive biosensor technology company.

Hikma Pharmaceuticals completed this deal in collaboration with M Ventures, which led the $10 million ‘series A’ round of financing, said a statement from the company.

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, it said.

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 and 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, it added.

Ghanem said: “Diabetes is a chronic disease affecting millions of people worldwide, with a high prevalence in the Middle East and North Africa (Mena).”

“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,” she said.

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 utilise our novel manufacturing approach to achieve low-cost and high uniformity, enabling factory calibration (no finger sticks) in a nickel-sized patch,” he said.

“With our low cost-of-goods and ease-of-use, we plan to increase access to CGM and simplify diabetes management,” he added. – TradeArabia News Service