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Senseonics Holdings, Inc. Reports Second Quarter 2020 Financial Results
GERMANTOWN, Md.--(BUSINESS WIRE)-- Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and
About this update from Senseonics Holdings, Inc.
[{"type":"text","content":" 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 reported financial results for the quarter ended June 30, 2020.\n\n\nRecent Highlights & Accomplishments: \n\n\n\nReduced net loss by $23.6 million to $7.5 million in the second quarter of 2020, from the prior year period, due to the execution of cost reduction actions and streamlined operational focus deployed in late March 2020\n\n\nContinued efforts to support existing patients and progress with anticipated submission to the FDA of the up to 180-day Eversense product in the U.S. in the third quarter\n\n\nFormed strategic collaboration with Ascensia Diabetes Care (Ascensia), a KKR portfolio company and leading global manufacturer and distributor of self-monitoring blood glucose devices to over 10 million worldwide diabetes patients, through a collaboration and commercialization agreement concurrent with additional financing\n\n\nCollaboration and Commercialization Agreement – Ascensia and Senseonics entered into an agreement to collaborate to maximize the value of Eversense in the worldwide market. Senseonics will remain focused on product development and manufacturing, including regulatory submissions, approvals and registrations, and Ascensia will assume sales, marketing, market access, patient and provider onboarding and customer support. Ascensia will obtain exclusive worldwide distribution rights upon launch of the 180-day Eversense product in the U.S. and the expiration of Senseonics’ current international distribution agreements in other markets. The parties will jointly share in net revenues as consideration for each party’s contributions to the success and growth of Eversense.\n\n\nFinancing Agreements – Senseonics has agreed to issue $35 million through of senior secured convertible notes to Ascensia’s parent company, PHC Holdings Corporation. The agreement also provides Senseonics the option to sell and issue convertible preferred equity to PHC Holdings Corporation in the amount of up to $15 million following receipt of FDA approval for the 180-day Eversense product in the U.S. and receipt of any required shareholder approval required by the NYSE American...