The Germantown, Md.-based company plans to use its newly-acquired funds to support the commercialization of its implantable continuous glucose monitoring system, Eversense.
“We are pleased with the results of this transaction and the support that we have received from the investment community,” president & CEO Tim Goodnow said in prepared remarks. “The funds provided from this offering meaningfully strengthen our balance sheet and will be instrumental in supporting a broad launch of Eversense in the United States.”
Earlier this month, the FDA approved the Eversense CGM for use in people with diabetes ages 18 and older. The device is the first to feature an implantable glucose sensor that can be worn for up to 90 days.
The system includes a small sensor that is implanted just below the skin in an outpatient procedure. The sensor continuously measures glucose levels and sends that data to a user’s mobile phone every five minutes, warning users if their glucose levels drop or rise out of range.
In a 125-person study, researchers compared data collected by the Eversense CGM with data from a lab-based glucose analyzer. Senseonics found that the proportion of people that experienced a serious adverse event with the implanted device was less than 1%.