| Over a week ago | ||||
In a policy bulletin… In a policy bulletin dated July 28, Independence Blue Cross Blue Shield noted that its policy was updated to expand coverage for long-term interstitial continuous glucose monitoring systems for individuals with type 2 diabetes mellitus on an intensive insulin regimen defined as requiring three or more insulin injections per day, or utilizes an insulin pump. In addition, coverage was added for the implantation of an FDA-approved implantable glucose CGM system, for example Senseonics' Eversense, "when criteria for long-term interstitial CGMS is met," the policy bulletin states. Reference Link | ||||
| Over a month ago | ||||
Check out this evening's… | ||||
As of March 31, 2020,… As of March 31, 2020, cash, cash equivalents and restricted cash were $18.8 million and outstanding indebtedness was $98.7 million. CEO Tim Goodnow says: "In the second half of March we began to experience significant dislocation in the market because of the isolation efforts to prevent the transmission of COVID-19. As part of the public health considerations in response to the pandemic, most endocrinology clinics transitioned to telehealth interactions with patients, greatly limiting in-person visits and significantly reducing health care providers' ability to insert sensors for patients. These challenging market circumstances in combination with our financial situation led the Board to the decision to explore strategic alternatives for the company. Concurrent with this process we took steps to reorganize and reprioritize our corporate initiatives. To operate in the most efficient manner moving forward we have temporarily suspended commercial activities in the U.S. for new patients and have shifted our focus to long-term value creation through product development and market access. We remain committed to supporting our current patient base and ensuring the success of Eversense in the marketplace." | ||||
| Over a quarter ago | ||||
Senseonics announced that… Senseonics announced that three more Blue Cross Blue Shield plans are now providing coverage for the Eversense CGM System, effective immediately. These recent coverage decisions add to the growing number of payers who are writing Eversense into their CGM coverage policies, as well as paying for the healthcare provider's time for the in-office sensor placement. Blue Cross and Blue Shield of Arizona has added coverage for Eversense which expands access to approximately 1.5 million Arizona residents. CareFirst Blue Cross and Blue Shield offers health plans and administrative services to approximately 3.3 million individuals and employers in Maryland, the District of Columbia, and Northern Virginia and has expanded coverage for Eversense. Independence Blue Cross and AmeriHealth have also opened the door to coverage for Eversense as they serve approximately 4.8 million people in Pennsylvania and surrounding markets. | ||||
Senseonics announced… Senseonics announced regulatory approval that the Eversense XL Sensor is no longer contraindicated for MRI which means that the sensor does NOT need to be removed from under the skin during MRI scanning. During scanning the external Eversense Smart Transmitter must still be removed, and once scanning is completed, the transmitter is easily repositioned on the skin. | |
Senseonics said in a… Senseonics said in a regulatory filing that due to the COVID-19 pandemic, the company is withdrawing and suspending its financial guidance that it previously provided for the year ending December 31, 2020. The company expects to provide a business update on its first quarter earnings call. | |
In a regulatory filing,… In a regulatory filing, Senseonics said that as art of the previously announced strategic review that it is conducting in connection with its evaluation of strategic alternatives, and considering the impact of the COVID-19 global pandemic on access to physician offices and medical facilities, the company is, effective immediately, suspending commercial sales in the United States of its 90-day Eversense continuous glucose monitoring system to new patients and physician practices. The company intends to continue distributing the 90-day Eversense system to patients who are currently using the product for the foreseeable future. The company also intends to continue supporting existing patients and their physicians. The company is evaluating its Eversense Bridge program and may revise, suspend or cancel this program in its entirety. The Company plans to continue its development and regulatory submission efforts for its Eversense XL CGM system for use for up to 180 days in the United States as disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2019. The company expects that cash used in operating activities for the quarter ending March 31, 2020 will be consistent with average quarterly operating cash outflows during 2019. However, the company expects that the cost reduction measures previously announced, including the suspension of commercial sales of the 90-day Eversense system, will significantly reduce the cash used in operations in future quarters. As previously announced, the Company is exploring strategic alternatives to enhance stakeholder value. The company is in discussions with new financing sources, which could include issuing additional equity or either secured or unsecured indebtedness or a combination of both. | |
Senseonics Holdings… Senseonics Holdings announced that its board has decided to explore potential strategic alternatives to enhance stakeholder value. The company is engaging Moelis & Company, LLC as its financial advisor and Cooley, LLP as its legal advisor. On March 22, the company terminated its Loan and Security Agreement with Solar Capital Ltd. and paid all amounts outstanding. Including a payoff fee and prepayment premium, the amount paid by the company totaled $48.5 million. Following the payoff of these obligations, the company has no secured debt outstanding. In light of this repayment, the company is in discussions with new financing sources. The intention is to provide sufficient funding flexibility to enable the Board to complete its strategic review and provide stability to the company in light of the ongoing market dislocation caused by the COVID-19 pandemic. As part of its strategic review, the company has determined to focus its operations on the core activities required to ensure the long-term success of the Eversense CGM System. The company believes that this will allow reductions in its cost structure and improvements in its operating cash flow, in addition to generating future capital expenditure savings. The strategic alternatives could include a sale of the company. There can be no assurance that the company will pursue any particular action or transaction; however, Senseonics will assess all viable paths to enhancing stakeholder value. The company does not intend to provide updates regarding its strategic review unless or until it determines that further disclosure is necessary. | |