Senseonics announced that it commenced an underwritten public offering to sell $80 million in common stock.
The offering includes common stock and, for certain investors, pre-funded warrants to purchase common stock. Germantown, Maryland-based Senseonics expects to grant underwriters a 30-day option to purchase. up to an additional 15% of the total number of shares included in the public offering.
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All securities to be sold in the proposed offering will be offered by Senseonics.
The company intends to use net proceeds from the public offering to fund the ongoing launch of its Eversense 365 system. It also plans to use the money to support the development of pipeline products, as well as for working capital and general corporate purposes.
Eversense 365 is the world’s first 365-day CGM system. It also holds clearance as an integrated CGM (iCGM) system, meaning it can work with compatible medical devices. Those include insulin pumps as part of automated insulin delivery systems, like the Sequel Med Tech twiist system.
Senseonics received FDA clearance for Eversense 365 in September 2024. It launched the year-long CGM implant with its global distribution partner, Ascensia Diabetes Care, the following month. It has since taken over full commercial activity for the technology. The company launched the system in Europe last week after receiving CE mark in January.
Meanwhile, the company also has next-generation technologies, including the Gemini and Freedom systems, under development.
