Business
Senseonics Announces Strategic Collaboration with Ascensia Diabetes Care
Broad Partnership Features Global Commercialization and Financing Arrangements with Leader in Blood Glucose Monitoring Company has Entered into Financing
About this update from Senseonics Holdings, Inc.
[{"type":"text","content":"\n\nBroad Partnership Features Global Commercialization and Financing Arrangements with Leader in Blood Glucose Monitoring\n\n\nCompany has Entered into Financing Agreements for up to $80 Million to Provide Additional Liquidity\n\n\nSenseonics to Focus Streamlined Operations on Manufacturing, Research and Development of Next Generations of Eversense® Systems\n\n\n\n \n\n GERMANTOWN, Md.--(BUSINESS WIRE)--\nSenseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today announced the formation of a strategic partnership with Ascensia Diabetes Care (Ascensia), through a commercialization and collaboration agreement, which will make Ascensia the exclusive worldwide distributor of Senseonics’ Eversense® CGM systems. The company also announced a concurrent financing agreement with PHC Holdings Corporation, the parent company of Ascensia. In addition, Senseonics also announced a financing agreement with Masters Special Situations, LLC and affiliates thereof (“MSS”). The financing arrangements collectively provide for a total of up to $80 million of debt and equity capital.\n\n\nAscensia Diabetes Care is a global diabetes care company that is dedicated to helping people living with diabetes. It is a leader in the blood glucose monitoring (BGM) market with its CONTOUR® portfolio of devices that are known for their accuracy and ease of use. Ascensia markets its BGM devices in over 125 countries across the world. The Switzerland based company is owned by PHC Holdings Corporation, a KKR portfolio company.\n\n\n“We are extremely excited to be partnering with Ascensia, a leader in the global diabetes space. Ascensia is well known for their high-quality CONTOUR products used by more than 10 million patients world-wide to help manage their diabetes. We believe their global commercial infrastructure and commitment to the Eversense systems will drive market adoption while allowing Senseonics to focus on further development of our implanted technology,” said Tim Goodnow, PhD, President and CEO of Senseonics.\n\n\nUnder the terms of the agreements, Ascensia will become the exclusive worldwide distribution partner for Senseonics’ CGM systems including Eversense®, Eversense® XL and futur...