Senseonics (NYSE:SENS) announced today that it commenced an underwritten public offering of common stock worth $50 million.
The long-term implantable continuous glucose monitor (CGM) maker expects to grant underwriters a 30-day option to purchase up to an additional 15% of the total number of shares of stock offered in the public offering. All shares to be sold in the proposed offering will be offered by Senseonics.
Additionally, the company 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. The sale results in Abbott’s beneficial ownership of 4.99% of Senseonics’ common stock immediately following the closing of the private placement and the public offering.
The purchase price in the private placement equals the public offering price per share, according to the Germantown, Maryland-based company. According to a news release, the company expects to close the private placement within two business days following the closing of the public offering.
Senseonics plans to use the net proceeds from the offering and private placement 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.
Recent highlights for that launch include 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.
