Senseonics Holdings Announces Closing of $115.0 Million Bought Deal Offering of Common Stock and Full Exercise of the Option to Purchase Additional Shares

GERMANTOWN, Md.--(BUSINESS WIRE)-- Senseonics Holdings, Inc. (NYSE American: SENS) (“Senseonics” or the “Company”), a medical technology company focused on the development and commercialization of a long-term, implantable continuous glucose monitoring (CGM) system for people with diabetes, today announced the closing on January 26, 2021, of its previously announced public underwritten offering of 59,740,259 shares of common stock of the Company, including the exercise in full by the underwriter of its option to purchase an additional 7,792,207 shares of common stock which closed yesterday, at a public offering price of $1.925 per share.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering. The gross proceeds of the offering were approximately $115.0 million, prior to deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including product development, focused on working to complete clinical development, secure regulatory approval and support anticipated commercial launch of the 365-day product, supporting the collaboration with Ascensia Diabetes Care, and funding working capital and capital expenditures. With this round of fundraising completed, based on the Company’s current projections, expectations and business plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its business through cash flow breakeven from operations.

The shares of common stock were offered pursuant to an effective registration statement on Form S-3 (File No. 333-235297) that was filed with the U.S. Securities and Exchange Commission (“SEC”) on November 27, 2019, amended on December 18, 2019 and declared effective on December 20, 2019 and an additional registration statement on Form S-3 (File No. 333-252317) filed pursuant to Rule 462(b) and became automatically effective on January 21, 2021. The shares of common stock were offered only by means of a prospectus. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at placements@hcwco.com or by phone at (646) 975-6996.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Senseonics

Senseonics Holdings, Inc. is a medical technology company focused on the design, development and commercialization of transformational glucose monitoring products designed to help people with diabetes confidently live their lives with ease. Senseonics’ CGM systems, Eversense^® and Eversense^® XL, 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

This press release may contain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. These statements include, without limitation, statements related to the use of proceeds from the offering, statements related to the company’s need and planning for cash, and the timing of reaching cash-flow break even. Forward-looking statements relating to expectations about future results or events are based upon information available to Senseonics as of today’s date and are not guarantees of the future performance of the company, and actual results may vary materially from the results and expectations discussed as a result of various important factors including: uncertainties in development and regulatory approval processes and timelines for the company’s 180-day, 365-day and other products; uncertainties in the commercial launch, market adoption, pricing, environment and competition for the company’s products; uncertainties in the progress of the Company’s collaboration with Ascensia Diabetes Care; uncertainties in the Company’s efforts to manage and improve costs; uncertainties in the impact, timing, severity and duration of the COVID-19 pandemic; and such other factors as are set forth in the risk factors detailed in Senseonics’ most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning Senseonics, or other matters and attributable to Senseonics or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Senseonics does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof, except as required by law.

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