Senseonics draws 3rd $5m tranche for implantable CGM

Senseonics (NYSE:SENS) said last month that it drew the 3rd installment of $5 million under its term loan facility with Oxford Finance and Silicon Valley Bank.

The 3rd tranche, which closed on March 29 this year, was triggered by the 1st sale of the Germantown, Maryland-based company’s 2nd-gen transmitter in Europe. Senseonics previously borrowed $20 million under the term loan.

In December, Senseonics expanded its exclusive distribution agreement with Roche (PINK:RHHBY) for its implantable continuous glucose monitoring system for people with diabetes. The new agreement includes all of Europe, the Middle East and Africa, excluding Scandinavia, Finland and Israel.

According to the agreement, Senseonics has given Roche exclusive rights to promote, market and sell the Eversense system in specified territories. Senseonics will still be responsible for product development, regulatory approval, quality management and manufacturing, while Roche will take over commercializing the system.

The expansion builds upon an agreement signed by the 2 companies in May this year for distribution of Senseonic’s system in Germany, Italy and the Netherlands.

The Eversense continuous glucose monitor is designed to last up to 90 days. The implanted glucose sensor and wearable smart transmitter work with a mobile application to enable real-time monitoring of blood glucose levels. Senseonics submitted a premarket approval application to the FDA this September, after the system won the CE Mark in the European Union in May.