Senseonics up after $50 mln stock offering, Abbott investment

Shares of medtech firm Senseonics Holdings SENS.A up 2 cents to 57 cents premarket after equity raise news

Maker of continuous glucose monitoring (CGM) systems late Thurs sold 100 mln shares at 50 cents for $50 mln gross proceeds

In concurrent private placement, Abbott Laboratories ABT.N to purchase up to $25 mln worth of shares at 50 cents that results in Abbott's ~5% ownership in the co

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

In the SEC prospectus filing, Senseonics also said it terminated its $55 mln ATM (at-the-market) equity sales agreement with Goldman Sachs

Prior to the offering, Germantown, Maryland-based Senseonics had ~654.3 mln shares outstanding

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

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