- Total capital raise of $77.8 million strengthens company's financial position.
- Strategic investment from Abbott Laboratories, a major healthcare company.
- Full exercise of underwriters' option indicates strong demand.
- Funds secured for Eversense 365 launch and pipeline development.
Senseonics Holdings, Inc. (SENS, Financial) has successfully concluded two capital-raising efforts, amassing a total of $77.8 million. This includes $57.5 million from a public offering and an additional $20.3 million through a private placement with Abbott Laboratories. The public offering involved the sale of 115 million shares priced at $0.50 each, with underwriters fully exercising their option to purchase an additional 15 million shares.
Abbott Laboratories' participation in the private placement saw the acquisition of 40.5 million shares, equating to a 4.99% ownership in Senseonics. This strategic move by Abbott, a leading player in the diabetes management market, underscores confidence in Senseonics' implantable continuous glucose monitoring (CGM) systems, particularly the Eversense 365.
The capital infusion will primarily support the commercial launch of Eversense 365, advance pipeline product development, and bolster working capital along with general corporate purposes. This financial maneuver strengthens Senseonics' balance sheet, extending operational capabilities and reducing immediate funding concerns. In managing the public offering, TD Cowen and Barclays served as joint book-running managers, with RBC Capital Markets and Lake Street as bookrunners.
