BUZZ-Senseonics ticks down after announcing stock sale, private placement with Abbott

Reuters
05-16
BUZZ-Senseonics ticks down after announcing stock sale, private placement with Abbott

** Shares of medtech firm Senseonics Holdings SENS.A down a penny post-market to 54 cents as it looks to raise equity

** Germantown, Maryland-based maker of continuous glucose monitoring (CGM) systems commences $50 mln public offering

** Co says Abbott Laboratories ABT.N agreed to buy up to $25 mln of shares in concurrent private placement

** It intends to use net proceeds from both transactions to fund ongoing launch of Eversense 365, and continued development of its pipeline

** TD Cowen and Barclays are jt-lead bookrunners for proposed offering, joined by RBC and Lake Street

** Senseonics has ~654.3 mln shares outstanding and ~585.1 mln shares of free float, per LSEG data

** SENS fell for 5th straight day on Thurs. Stock well off its 52-week high of $1.40 hit in mid-Feb

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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