Senseonics Exploring Strategic Options to Enhance Stakeholder Value

Proximie Raises $38m Series B Funding To Accelerate Its Expansion in U.S. and European Markets

F-Prime Capital led financing, joined by Questa Capital, Eight Roads, and Maverick Ventures

RhoVac Reports to Mount Sinai Hospital in New York Join Phase IIb Study in Prostate Cancer

The participation of Mount Sinai was directly caused by the FDA approval of RhoVac's Fast Track Designation.

Senseonics Board of Directors has decided to explore potential strategic alternatives to enhance stakeholder value. The Company is engaging Moelis & Company, LLC as its financial advisor and Cooley, LLP as its legal advisor.

On March 22, 2020, the Company terminated its Loan and Security Agreement with Solar Capital Ltd. and paid all amounts outstanding. Including a payoff fee and prepayment premium, the amount paid by the Company totaled $48.5 million. Following the payoff of these obligations, the Company has no secured debt outstanding.

In light of this repayment, the Company is in discussions with new financing sources. The intention is to provide sufficient funding flexibility to enable the Board to complete its strategic review and provide stability to the Company in light of the ongoing market dislocation caused by the COVID-19 pandemic.

As part of its strategic review, the Company has determined to focus its operations on the core activities required to ensure the long-term success of the Eversense® CGM System. The Company believes that this will allow reductions in its cost structure and improvements in its operating cash flow, in addition to generating future capital expenditure savings.

The strategic alternatives could include a sale of the Company. There can be no assurance that the Company will pursue any particular action or transaction; however, Senseonics will assess all viable paths to enhancing stakeholder value. The Company does not intend to provide updates regarding its strategic review unless or until it determines that further disclosure is necessary.

spot_img

DON'T MISS

Related Articles