Brisbane, Calif.-based Cutera Inc., a provider of laser and other energy-based aesthetic systems, reported the closing of its previously announced underwritten public offering of 2,742,750 shares of its common stock at a public offering price of $10.50 per share, which includes the exercise in full of the underwriter’s option to purchase up to an additional 357,750 shares of its common stock at the same price per share to cover over-allotments. Piper Sandler & Co. acted as the sole book-running manager in the offering.
Germantown, Md.-based Senseonics Holdings Inc., a company focused on the development of a long-term, implantable continuous glucose monitoring system for people with diabetes, entered a new senior secured term loan agreement with certain funds managed by Highbridge Capital Management LLC, an existing stakeholder. The company will draw down $15 million from the new first lien term loan with a maturity date of Oct. 24, 2021. The first lien secured term loan will pay interest in cash at an annual rate of 12% or, at Senseonics’ option, payment in kind at an annual rate of 13%. The company at its option may draw the remaining $5 million from the first lien term loan within 120 days subject to certain conditions. Alongside this new credit facility, Senseonics also reported that it has entered an exchange agreement with funds managed by Highbridge providing for the exchange of $24 million aggregate principal amount of the company’s outstanding 5.25% senior convertible notes due 2025 for $15,675,000 million aggregate principal amount of newly issued second lien secured notes due Jan. 24, 2022 and 11,026,086 shares of the company’s common stock. In connection with the exchange, the company will issue warrants to the holders of the second lien notes to purchase an aggregate of 4,500,000 shares of its common stock $0.66 per share at any time through the third anniversary of their issuance. The second lien notes will pay interest in cash at an annual rate of 7.5% or, at Senseonics’ option, payment in kind at an annual rate of 8.25%. The transaction is expected to close on or about April 24.
Boston-based Xrhealth has raised $7 million in funding to expand their telehealth platform to support more clinicians and patients for virtual/augmented reality therapy. The round was led by Bridges Israel, Flint Capital and 20/20 Healthcare Partners Xrhealth has created virtual reality clinics that provide remote care to patients throughout the U.S.