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Senseonics raises funding for glucose monitoring system, appoints new exec

Iain Morris
June 11, 2014
 
Medical device player Senseonics has raised $20 million in a round of private equity financing it says will aid its development and commercialization of an implantable glucose monitoring system.

The company has also appointed a new vice president of sales and marketing in the form of Mirasol Panlilio, who previously worked at Abbott Diabetes Care (Alameda, CA, USA) and LifeScan (Milpitas, CA, USA), both of which develop glucose monitoring systems.

The company’s investors include Anthem Capital, Delphi Ventures, Greenspring Associates, Healthcare Ventures and New Enterprise Associates.
Senseonics (Germantown, MD, USA) has indicated the proceeds will help it to press on with its product development initiatives, which include the completion of what it describes as “pivotal” trials in Europe – with a view obtaining CE mark regulatory approval – and the start of IDE (investigational device exemption) trials in the US.

“We’re very happy of the continued support from our investors as we near the completion of the product development efforts for our first generation long-term CGM system,” said Tim Goodnow, Senseonics’ chief executive and president.

Senseonics is aiming to complete its European trials by the end of the summer.

“We are excited that Mirasol has agreed to join Senseonics,” said Goodnow. “She brings a wealth of first-hand experience and creative energy in delivering novel diabetes devices to market.”

“Having Mirasol join us at this time shows our focus will begin to shift towards commercialization,” he added.

Formerly known as Sensors for Medicine and Science, Senseonics is developing what it claims will be the first fully implantable continuous glucose sensor.

Designed for long-term wear, the system includes a miniaturized sensor, transmitter and mobile medical application and is based on proprietary technology.

The sensor is designed to be inserted into the subcutaneous space of the upper arm, says the company, and will communicate with the transmitter to wirelessly transmit glucose levels to a smartphone.
 
 
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