Senseonics (OTC:SENH) today cut the value of a pending public offering by 25%, to $45 million, saying it plans to float fewer shares at a lower price.
Germantown, Md.-based Senseonics had planned to offer 18.2 million shares at $3.10 to $3.50 apiece, for a midpoint of $60 million, as it sought a move its shares to the New York Stock Exchange.
Today the company said it plans to put out 15.8 million shares at $2.85 each.
SENH shares closed at $3.25 each March 15, their most recent day of trading (only about 118,000 shares have changed hands since the stock’s debut on the OTC exchange Dec. 22, 2015).
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.
