Roche (PINK:RHHBY) agreed to purchase 21 million shares and New Enterprise Associates agreed to purchase 7 million shares in the offering, according to the Germantown, Md.-based company. Senseonics said it expects to bring in $41 million from the offering, which is slated to close on June 1st.
The company plans to use the offering’s net proceeds to launch commercialization of its Eversense continuous glucose monitor in the U.S . and to support R&D for next-gen versions of the sensor.
Leerink Partners is acting as the sole book-running manager for the offering.
Earlier this month, Senseonics inked a non-exclusive R&D license agreement with TypeZero Technologies to develop artificial pancreas and decision support systems for its Eversense CGM.
The companies plan to integrate glucose readings from the Eversense system with TypeZero’s inControl artificial pancreas algorithms to regulate insulin delivery through a user’s insulin pump. The integration will also allow TypeZero’s decision support system to recommend basal and bolus doses for insulin pen users.
The deal is the 1st effort to combine a 90-day CGM sensor with smart algorithms for closed loop and decision support applications, the companies reported.