The offering, which is slated to close on June 28, also includes a 30-day option for underwriters to buy additional shares of common stock worth up to $19.5 million.
Last week, the FDA approved Senseonics’ Eversense CGM for use in people ages 18 and older with diabetes. The device is the first CGM system to feature an implantable 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%.
In March, an advisory committee for the FDA voted 8-0 to recommend that the agency approve Senseonics’ device.
“The FDA is committed to advancing novel products that leverage digital technology to improve patient care,” FDA chief Dr. Scott Gottlieb said in prepared remarks last week. “These technologies allow patients to gain better control over their health. This approval of a more seamless digital system that gives patients the ability to effectively manage a chronic disease like diabetes is a vivid illustration of the potential for these mobile platforms.”