Senseonics Holdings, Inc. announced that it has entered into a $50 million loan facility with Hercules Capital, Inc. The company also announced it drew down $25 million upon the transaction closing. The term loan facility provides for up to $50 million of term loans in the aggregate, available to be funded in multiple tranches. In addition to its initial drawdown of $25 million, Senseonics may, for a period of time following achievement of revenue milestones, draw an additional tranche of up to $10 million.

An additional tranche will be available to Senseonics in the amount of up to $15 million for a period of time following additional revenue and gross margin milestones. In addition, the availability of each tranche is subject to certain customary conditions to drawing. Senseonics is under no obligation to draw funds in the future.