Business
Senseonics Holdings Announces Closing of $115.0 Million Bought Deal Offering of Common Stock and Full Exercise of the Option to Purchase Additional Shares
GERMANTOWN, Md.--(BUSINESS WIRE)-- Senseonics Holdings, Inc. (NYSE American: SENS) (“Senseonics” or the “Company”), a medical technology company focused on
About this update from Senseonics Holdings, Inc.
[{"type":"text","content":" GERMANTOWN, Md.--(BUSINESS WIRE)--\nSenseonics Holdings, Inc. (NYSE American: SENS) (“Senseonics” or the “Company”), a medical technology company focused on the development and commercialization of a long-term, implantable continuous glucose monitoring (CGM) system for people with diabetes, today announced the closing on January 26, 2021, of its previously announced public underwritten offering of 59,740,259 shares of common stock of the Company, including the exercise in full by the underwriter of its option to purchase an additional 7,792,207 shares of common stock which closed yesterday, at a public offering price of $1.925 per share.\n\nH.C. Wainwright & Co. acted as the sole book-running manager for the offering. The gross proceeds of the offering were approximately $115.0 million, prior to deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including product development, focused on working to complete clinical development, secure regulatory approval and support anticipated commercial launch of the 365-day product, supporting the collaboration with Ascensia Diabetes Care, and funding working capital and capital expenditures. With this round of fundraising completed, based on the Company’s current projections, expectations and business plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its business through cash flow breakeven from operations.\n\nThe shares of common stock were offered pursuant to an effective registration statement on Form S-3 (File No. 333-235297) that was filed with the U.S. Securities and Exchange Commission (“SEC”) on November 27, 2019, amended on December 18, 2019 and declared effective on December 20, 2019 and an additional registration statement on Form S-3 (File No. 333-252317) filed pursuant to Rule 462(b) and became automatically effective on January 21, 2021. The shares of common stock were offered only by means of a prospectus. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from H.C. Wainwright...