GERMANTOWN, Md.--(BUSINESS WIRE)--Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and commercialization of a long-term, implantable continuous glucose monitoring (CGM) system for people with diabetes, today announced the closing on January 26, 2021, of its previously announced public underwritten offering of 59,740,259 shares of common stock of the Company, including the exercise in full by the underwriter of its option to purchase an additional 7,792,207 shares of common stock which closed yesterday, at a public offering price of $1.925 per share.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering. The gross proceeds of the offering were approximately $115.0 million, prior to deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including product development, focused on working to complete clinical development, secure regulatory approval and support anticipated commercial launch of the 365-day product, supporting the collaboration with Ascensia Diabetes Care, and funding working capital and capital expenditures. With this round of fundraising completed, based on the Company’s current projections, expectations and business plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its business through cash flow breakeven from operations.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Senseonics
Senseonics Holdings, Inc. is a medical technology company focused on the design, development and commercialization of transformational glucose monitoring products designed to help people with diabetes confidently live their lives with ease. Senseonics' CGM systems, Eversense® and Eversense® XL, include a small sensor inserted completely under the skin that communicates with a smart transmitter worn over the sensor. The glucose data are automatically sent every 5 minutes to a mobile app on the user's smartphone.
