Senseonics sets terms for $64m offering

Senseonics (OTC:SENH) set the terms today on a public stock offering that could fetch nearly $64 million, as the implantable glucose monitor maker looks to move to the New York Stock Exchange.

Germantown, Md.-based Senseonics said it plans to float 18.2 million shares at $3.10 to $3.50 apiece; SENH shares traded at $3.30 each March 4, their last day of trading (only about 100,000 shares have changed hands since the stock’s debut Dec. 22, 2015). That works out to a range of $56.4 million to $63.7 million.

Senseonics, which said it hopes to trade on the NYSE under the “SENS” symbol, was formed in December via a merger with ASN Technologies. Its Eversense system is designed to continuously monitor a patient’s glucose levels for up to 90 days, using a subcutaneous sensor and an external, removable smart transmitter linked to a mobile app for real-time glucose monitoring.

The company applied for CE Mark approval in the European Union last July for Eversense, and said it expects to hit the market there during the 1st half of this year. A 90-patient U.S. pivotal trial, Precise II, is under way; Senseonics said it could file for pre-market approval from the FDA as soon as the 2nd half of 2016, with a PMA nod expected 6 to 18 months later.

A post-market study in Europe is aimed at winning approval for a 180-day indication both there; Senseonics said it also plans to use that data to back its PMA bid.

Losses widened 60.4% for Senseonics in 2015, growing to -$30.2 million, or $4.32 per share, for the year ended Dec. 31. The company, which is backed by New Enterprise Associates, Delphi Ventures and the finance arm of Roche (PINK:RHHBY), raised $10 million last summer.

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