Senseonics Holdings Announces Closing of $115.0 Million Bought Deal Offering of Common Stock & Full Exercise of the Option to...
January 28 2021 - 11:33PM
Business Wire
Senseonics 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.
H.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.
The 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 & Co., LLC, 430
Park Avenue, New York, NY 10022, by email at placements@hcwco.com
or by phone at (646) 975-6996.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Senseonics
Senseonics Holdings, Inc. is a medical technology company
focused on the design, development and commercialization of
transformational glucose monitoring products designed to help
people with diabetes confidently live their lives with ease.
Senseonics' CGM systems, Eversense® and Eversense® XL, include a
small sensor inserted completely under the skin that communicates
with a smart transmitter worn over the sensor. The glucose data are
automatically sent every 5 minutes to a mobile app on the user's
smartphone.
Forward-Looking Statements
This press release may contain "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933,
and Section 21E of the Securities Exchange Act of 1934. These
include statements preceded by, followed by or that otherwise
include the words "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. These statements include, without limitation,
statements related to the use of proceeds from the offering,
statements related to the company’s need and planning for cash, and
the timing of reaching cash-flow break even. Forward-looking
statements relating to expectations about future results or events
are based upon information available to Senseonics as of today's
date and are not guarantees of the future performance of the
company, and actual results may vary materially from the results
and expectations discussed as a result of various important factors
including: uncertainties in development and regulatory approval
processes and timelines for the company’s 180-day, 365-day and
other products; uncertainties in the commercial launch, market
adoption, pricing, environment and competition for the company’s
products; uncertainties in the progress of the Company’s
collaboration with Ascensia Diabetes Care; uncertainties in the
Company’s efforts to manage and improve costs; uncertainties in the
impact, timing, severity and duration of the COVID-19 pandemic; and
such other factors as are set forth in the risk factors detailed in
Senseonics’ most recently filed Annual Report on Form 10-K,
Quarterly Report on Form 10-Q, recent Current Reports on Form 8-K
and other Securities and Exchange Commission filings. All
subsequent written and oral forward-looking statements concerning
Senseonics, or other matters and attributable to Senseonics or any
person acting on its behalf are expressly qualified in their
entirety by the cautionary statements above. Senseonics does not
undertake any obligation to publicly update any of these
forward-looking statements to reflect events or circumstances that
may arise after the date hereof, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210128006217/en/
Senseonics Investor Contact Lynn Lewis or Philip Taylor
Investor Relations 415-937-5406 investors@senseonics.com
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