Senseonics, a Germantown, MD-based medical device company, raised an additional $20m of equity financing.
Backers included Anthem Capital, Delphi Ventures, Greenspring Associates, Healthcare Ventures, New Enterprise Associates and other strategic partners.
The company intends to use the proceeds to continue its product development initiatives including completing pivotal trials in Europe, obtaining CE mark, and initiating IDE trials in the United States.
Led by Tim Goodnow, CEO and President, Senseonics focuses on the development and commercialization of fully implantable, long-term continuous glucose monitoring (CGM) system.
The Senseonics Continuous Glucose Monitoring System includes a miniaturized sensor, transmitter and mobile medical application. Based on proprietary fluorescence sensing technology, the sensor is designed to be inserted into the subcutaneous space of the upper arm and communicate with the transmitter to wirelessly transmit glucose levels to a smartphone. After insertion, the sensor functions automatically and continuously.
In conjunction Mirasol Panlilio, formerly of Abbott Diabetes Care and LifeScan, joined the company as vice president of global sales and marketing.