Oxford Finance Closes $10MM Senseonics Debt Facility
Oxford Finance announced the closing of a $10 million senior secured term loan agreement with Senseonics. Proceeds of the loan will be used to fund the ongoing development of an implantable continuous glucose monitoring system for people with diabetes.
“Senseonics is on the verge of introducing a highly innovative and reliable technology for glucose monitoring,” said Christopher A. Herr, managing director for Oxford Finance. “We are pleased to provide financing to further the development of such a novel product.”
“This new credit facility follows Senseonics’ $20 million private equity financing from earlier this summer that will better position us to complete our product development program, including the European and U.S. pivotal trials for regulatory submission and approval,” said Tim Goodnow, chief executive officer and president of Senseonics. “We’re delighted to have such a supportive partner in Oxford Finance, and we look forward to a long lasting relationship.”
Senseonics is developing the first fully implantable continuous glucose sensor designed for highly accurate, long-term wear.