Senseonics Holdings, which is developing a long-lasting implantable glucose monitor for diabetics, lowered the proposed deal size for its upcoming IPO on Thursday.
The Germantown, MD-based company now plans to raise $45 million by offering 15.8 million shares at a price of $2.85. Insiders intend to purchase $17 million worth of shares in the offering. The company had previously filed to offer 18.2 million shares at a range of $3.10 to $3.50. At the midpoint of the revised range, Senseonics Holdings will raise 25% less in proceeds than previously anticipated.
Senseonics Holdings was founded in 1996. It plans to list on the NYSE MKT under the symbol SENS. Leerink Partners and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of March 14, 2016.
