Memorandum

Senseonics raises $149.5 million in underwritten public offering of common stock – June 28, 2018

Today Senseonics announced the closing of an underwritten public stock offering. Gross proceeds were $149.5 million prior to deducting fees and expenses. Cash and equivalents stood at ~$65 million at the end of 1Q18, meaning this fundraise roughly triples the resources on hand. As expected, the funds will be used to support the US launch of Senseonics’ 90-day Eversense CGM, approved by the FDA last week on the eve of ADA. The company expects to launch in early 3Q18 and the first US patient insertions to begin in late July. In the US, Senseonics will commercialize on its own, calling on a subset of the ~300 top CGM prescribing-endocrinologists in the US. Following a strong presence at ADA (a standing-room-only Senseonics product theater and a pretty busy exhibit hall booth) there’s certainly substantial interest in this new CGM form factor– how will the market segment in the US now with four great CGM options available?

 

--by Maeve Serino, Adam Brown, and Kelly Close