Senseonics, Inc., a Germantown, MD-based developer of technology for glucose monitoring , received a $10m senior secured term loan.
Oxford Finance LLC, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, provided the debt financing.
Proceeds of the loan, which follows a $20m private equity financing, will be used to fund the ongoing development of its product.
Led by Tim Goodnow, chief executive officer and president, Senseonics is advancing an implantable continuous glucose monitoring system for people with diabetes.
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.