Senseonics Announces Equity Grants To Employees Under Inducement Plan

Rhea-AI Summary

Senseonics Holdings has granted equity to new employees as per its 2019 Inducement Plan. On July 1, 2021, the Compensation Committee approved 66,000 non-qualified stock options for five new non-executive employees, with an exercise price of $3.50 per share. The vesting schedule includes 25% on the first anniversary of their start date and the rest monthly over three years, contingent on continued service. The company aims to expand its Eversense continuous glucose monitoring (CGM) system for diabetes management.

Positive

• Equity grants incentivize new talent, potentially enhancing company performance.
• The $3.50 exercise price matches the stock's market value, indicating no immediate dilution risk.

Negative

• None.

Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and commercialization of a long-term, implantable continuous glucose monitoring (CGM) system for people with diabetes, announced that it had made equity grants to new employees under its 2019 Inducement Plan (the “Plan”) in accordance with NYSE American Company Guide Section 711(a).

On July 1, 2021, Senseonics Compensation Committee granted 5 new non-executive employees non-qualified stock options to purchase an aggregate of 66,000 shares of the Company’s common stock as an inducement for such employees to join the Company. The options have an exercise price of $3.50 per share, which was the closing price of the Company’s common stock on the NYSE American on July 1, 2021. In each case, 25% of the shares underlying the options will vest on the first anniversary of the employee’s start date, with the remainder vesting in monthly installments over the subsequent three year period, in all cases contingent on such employee’s continued service with the Company at the applicable vesting date. Senseonics continues to work to bring its Eversense CGM System to more people with diabetes in the U.S. and other markets around the globe and drives to develop enhancements to the system.

About Eversense

The Eversense® Continuous Glucose Monitoring (CGM) System is indicated for continually measuring glucose levels in persons age 18 and older with diabetes for up to 90 days. The system is indicated for use to replace fingerstick blood glucose (BG) measurements for diabetes treatment decisions. Fingerstick BG measurements are still required for calibration twice per day, and when symptoms do not match CGM information or when taking medications of the tetracycline class. The sensor insertion and removal procedures are performed by a health care provider. The Eversense CGM System is a prescription device; patients should talk to their health care provider to learn more. For important safety information, see https://eversensediabetes.com/safety-info/.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210702005384/en/

FAQ

What was announced by Senseonics Holdings on July 1, 2021?

Senseonics announced equity grants to new employees under its 2019 Inducement Plan.

How many stock options were granted by Senseonics on July 1, 2021?

Senseonics granted 66,000 non-qualified stock options to five new employees.

What is the exercise price of the stock options granted by Senseonics?

The exercise price of the stock options is $3.50 per share.

What is the vesting schedule for the stock options granted by Senseonics?

25% of the options vest on the first anniversary, with the remainder vesting monthly over three years.

What is the focus of Senseonics Holdings?

Senseonics focuses on developing long-term, implantable continuous glucose monitoring systems for people with diabetes.