Senseonics (NYSE:SENS) announced that it closed its previously announced public offering and private placement with Abbott.
Last week, the long-term continuous glucose monitor maker said it commenced an underwritten public offering of common stock worth $50 million. At the same time, it entered into a securities purchase agreement with another CGM maker — Abbott. Under the agreement, Senesonics agreed to issue and sell up to $25 million of common stock shares in a private placement.
Germantown, Maryland-based Senseonics says it has closed the public offering of 115 million shares. It included the exercise, in full, by the underwriters of their option to purchase up to an additional 15 million shares at 50¢ apiece. The gross proceeds total $57.5 million.
Additionally, Senseonics issued shares of common stock to Abbott representing 4.99% of its outstanding common stock. In the closing of the private placement, Abbott acquired more than 40.5 million shares for an aggregate purchase price of approximately $20.3 million.
Senseonics plans to use proceeds to fund the ongoing launch of Eversense 365. Eversense 365 became the first year-long CGM to market last year after its launch in October 2024. That launch includes the integration of the company’s 365-day CGM with the Sequel twiist automated insulin delivery system. Senseonics also says it submitted its Eversense 365 for CE mark and expects a European launch in the second half of this year.
Funds may also go toward pipeline products, such as the Gemini and Freedom systems. Analysts expect an FDA IDE submission by the end of 2025 to start a pivotal trial for the Gemini device. Gemini, another CGM in the pipeline, comes with an implantable battery.
