Senseonics (NYSE:SENS) announced that it entered into securities purchase agreements worth gross proceeds of approximately $50 million.

Germantown, Md.-based Senseonics’ purchase agreements are with several healthcare-focused investors, as well as other institutional investors, according to a news release.

Investors have agreed to purchase 40 million shares of the implantable continuous glucose monitor maker’s common stock at a price of $1.25 per share, with the proceeds totaling $50 million, although Senseonics expects to collect about $46 million after deducting fees and commissions.

Senseonics said it intends to sue the net proceeds for general corporate purposes after the offering closes on or about Jan. 21, 2021 as the company expects. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.