Senseonics (NYSE:SENS) announced today that it entered into a definitive agreement to offer $16 million in common stock.
Germantown, Maryland-based Senseonics plans to offer more than 45.7 million shares of common stock. It priced the shares at 35¢ per share in a registered direct offering.
In a concurrent private placement, the company agreed to issue unregistered warrants to purchase up to the same amount of shares of common stock, labeled “warrants.” Those warrants have an exercise price of 35¢ per share, too, exercisable beginning six months from the date of issuance. They expire on the five year anniversary of the date of initial exercise.
Senseonics expects the offering to close on or about Oct. 28, 2024, subject to customary closing conditions. H.C. Wainwright & Co. serves as the exclusive placement agent for the offering.
The company expects to bring in gross proceeds of $16 million before deducting fees and other offering expenses. This amount would reflect the full exercising of the warrants, for which the company offers no assurances. Senseonics earmarked proceeds for working capital and general corporate purposes. The company may also use proceeds to repay borrowings on its outstanding 5.25% convertible senior notes due in 2025.
Senseonics’ recent highlights include the launch of Eversense 365, a year-long implantable continuous glucose monitor (CGM). The company announced last month that it received FDA clearance for Eversense 365. With the clearance, it became the world’s first 365-day CGM system, according to the company.
The system also received 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. Senseonics and Ascensia, its global commercial partner, have discussions ongoing with various pump manufacturers.
