Germantown, Maryland-based Senseonics has filed for an IPO to raise $51.75 million.

The company has developed a pill-sized sensor called Eversense that is entirely implanted in the user’s upper arm from where it can continuously monitor their glucose levels. The device is meant to last at least 90 days before it needs to be replaced; in comparison, other solutions last between five and seven days through they are not as nearly as invasive as Senseonics’ solution.

Once implanted, the sensor sends data to a transmitter device that is worn on the upper arm from where the information is relayed to a smartphone or tablet; or the transmitter can be connected to the user’s computer via USB to download data.

Eversense has yet to clear regulatory hurdles before it can be offered to the users. Meanwhile, Senseonics is working to obtain the CE Mark and is expected to receive it during the first half of the year. As part of that process, the company has conducted a trial in Europe involving 44 subjects who wore the sensor for 90 days; the trial found Eversense to be as accurate as existing CGM sensors.

Senseonics, which was never profitable, has raised at least $94 million to date, including a $10 million round in August last year and a $20 million round in June 2014. Also, they have $20 million in debt funding from Oxford and Energy Capital, according to their S-1.

Senseonics, which was never profitable, has raised at least $94 million to date.Senseonics has 350 issued and pending patents, including 37 in the United States, 202 in other countries, and 111 pending patent applications worldwide.

If the company manages to attract investors’ interest it will work towards doubling the sensor life to 180 days, reducing the size of the transmitter, developing a version of the device approved for pediatric use, integrating it with insulin pumps, and introducing on-demand monitoring capabilities.

[Via: mobihealthnews]