Senseonics Holdings, Inc. Enters Into $50 Million Loan Facility With Hercules Capital
- Senseonics has secured a $50 million loan facility, providing increased financial flexibility and strengthening the balance sheet.
- The loan is expected to fund Senseonics' current operating plans and advance its product pipeline.
- None.
“This loan facility provides increased financial flexibility for Senseonics as we endeavor to help more patients with diabetes by advancing our product pipeline and continuing to collaborate with Ascensia Diabetes Care to build the Eversense brand and drive global patient adoption,” said Rick Sullivan, Chief Financial Officer of Senseonics. “This year, we have made significant progress simplifying the Company's capital structure and extending the maturation of our debt to support our growth plans. The Hercules loan facility strengthens our balance sheet on a non-dilutive basis and is currently expected to provide the capital required to fund our current operating plans to cash flow positivity.”
“Hercules is excited by Senseonics’ differentiated Eversense technology and opportunity for penetration in the global CGM market. We are encouraged by the company’s recent progress in expanding their commercial footprint, increasing coverage, and advancing their product pipeline and look forward to their next phase of growth,” said Bryan Jadot, Senior Managing Director and Life Sciences Group Head at Hercules.
The term loan facility provides for up to
About Senseonics
Senseonics Holdings, Inc. (“Senseonics”) is a medical technology company focused on the development and manufacturing of glucose monitoring products designed to transform lives in the global diabetes community with differentiated, long-term implantable glucose management technology. Senseonics' CGM systems, Eversense®, Eversense® XL and Eversense® E3 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
Any statements in this press release about future expectations, plans and prospects for Senseonics, including the revenue projections under “2023 Financial Outlook,” availability and timing of future borrowing under the Hercules loan facility, statements regarding the capital needed to fund operating plans to positive cash flow, Senseonics potential market share gains and global penetration in the CGM market, Senseonics’ future growth and product development opportunities, statements regarding strengthening the Eversense® brand, and other statements containing the words “believe,” “expect,” “intend,” “may,” “projects,” “will,” “planned,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties regarding the Company’s ability to achieve revenue and gross margin milestones to trigger future borrowing capacity under the Hercules agreement, uncertainties inherent in the commercial launch of Eversense® E3 CGM system and commercial expansion of the Eversense product, uncertainties inherent in the expansion of Ascensia Diabetes Care’s
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Philip Taylor
Gilmartin Group
415-937-5406
Investors@senseonics.com
Source: Senseonics Holdings, Inc.