Senseonics Holdings, Inc. Enters Into $50 Million Loan Facility With Hercules Capital
2023年9月11日 - 9:05PM
ビジネスワイヤ(英語)
Senseonics Holdings, Inc. (NYSE American: SENS), a medical
technology company focused on the development and manufacturing of
long-term, implantable continuous glucose monitoring (CGM) systems
for people with diabetes, today announced that it has entered into
a $50 million loan facility with Hercules Capital, Inc. (NYSE:
HTGC) (“Hercules”). The company also announced it drew down $25
million upon the transaction closing.
“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 $50 million of term
loans in the aggregate, available to be funded in multiple
tranches. In addition to its initial drawdown of $25 million,
Senseonics may, for a period of time following achievement of
revenue milestones, draw an additional tranche of up to $10
million. An additional tranche will be available to Senseonics in
the amount of up to $15 million for a period of time following
additional revenue and gross margin milestones. In addition, the
availability of each tranche is subject to certain customary
conditions to drawing. Senseonics is under no obligation to draw
funds in the future.
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
U.S. salesforce and its commercial initiatives, uncertainties
inherent in collaborating with a new partner in the Nurse
Practitioner Group and that partner’s assumption of certain
clinical and administrative activities, uncertainties in insurer,
regulatory and administrative processes and decisions,
uncertainties inherent in the development and registration of new
technology, uncertainties relating to the current economic
environment, the ability to successfully complete the exchanges of
2025 Notes and such other factors as are set forth in the risk
factors detailed in Senseonics’ Annual Report on Form 10-K for the
year ended December 31, 2022, the Quarterly Report on Form 10-Q for
the quarter ended June 30, 2023 and Senseonics’ other filings with
the SEC under the heading “Risk Factors.” In addition, the
forward-looking statements included in this press release represent
Senseonics’ views as of the date hereof. Senseonics anticipates
that subsequent events and developments will cause Senseonics’
views to change. However, while Senseonics may elect to update
these forward-looking statements at some point in the future,
Senseonics specifically disclaims any obligation to do so except as
required by law. These forward-looking statements should not be
relied upon as representing Senseonics’ views as of any date
subsequent to the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20230911603169/en/
Philip Taylor Gilmartin Group 415-937-5406
Investors@senseonics.com
Senseonics (AMEX:SENS)
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