Senseonics Holdings has entered into a term loan agreement with Oxford Finance, Silicon Valley Bank (SVB), and its wholly-owned subsidiary, Senseonics. The agreement provides Senseonics with up to $30 million of potential borrowing capacity.

Under the terms of the agreement, Oxford and SVB has initially provided an aggregate of $15 million to Senseonics, of which Senseonics used $11 million to retire existing loans with Oxford, including a final payment fee of $1 million. The agreement also permits Senseonics to borrow up to an additional $15 million upon the achievement of specified milestones and the funding of specific tranches under the agreement, through the end of 2017.

The agreement provides for monthly payments of interest only for a period of 12 months, followed by an amortization period of 36 months. However, if Senseonics satisfies certain milestones and borrows an additional $10 million under the agreement, the interest only period will be extended by an additional six months and the amortization period will be 30 months.

Germantown, MD-based Senseonics Holdings is a medical technology company focused on the design, development and commercialization of glucose monitoring products designed to help people with diabetes confidently live their lives with ease.