SOURCE: Senseonics

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December 11, 2015 10:30 ET

Senseonics Holdings, Inc. and ASN Technologies, Inc. Announce Closing of Merger

GERMANTOWN, MD--(Marketwired - December 11, 2015) - Senseonics Holdings, Inc., a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring system for people with diabetes, announced today the completion of its merger with ASN Technologies, Inc. (OTCBB: AWSN). In connection with the merger, ASN Technologies changed its name to Senseonics Holdings, Inc.. Simultaneously with the merger, ASN Technologies disposed of its legacy business by selling the assets and liabilities of the business to its former sole officer and director, Daniel Davis, in exchange for forgiveness of indebtedness. The combined company expects its common stock to commence trading on the OTCBB under the symbol "SENS" following approval from the Financial Industry Regulatory Authority (FINRA).

"The completion of the merger marks a significant milestone for Senseonics as we debut as a public company, backed by a group of highly regarded investors who support our pursuit to commercialize our continuous glucose monitoring system for people with diabetes," said Tim Goodnow, PhD, Chief Executive Officer of Senseonics.

The holders of shares of Senseonics, Incorporated common stock outstanding immediately prior to the merger received 2.0975 shares of ASN Technologies common stock in exchange for each share of Senseonics, Incorporated common stock in the merger. Following the merger, the combined company, Senseonics Holdings, Inc., has approximately 75.8 million shares outstanding.

The combined company will operate under the leadership of Senseonics Chief Executive Officer, Dr. Tim Goodnow. The board of directors of the combined company is comprised of seven representatives: Stephen DeFalco, Dr. Jim Barrett, Doug Roeder, Doug Prince, Ed Fiorentino, Justin Klein M.D., J.D. and Dr. Goodnow. In connection with the merger, Daniel Davis, who was previously the sole director of ASN Technologies, resigned from the board of directors. The corporate headquarters is located in Germantown, Maryland.

About Senseonics Holdings, Inc.

Senseonics Holdings, Inc. is developing, the first fully implantable continuous glucose sensor designed for accurate, long-term wear. Senseonics' CGM system includes a miniaturized sensor, smart transmitter and mobile app. Based on proprietary fluorescence sensing technology, the sensor is designed to be inserted subcutaneously and communicate with the smart transmitter to wirelessly transmit glucose levels to a mobile device. After insertion, the sensor functions automatically and continuously. The system is intended to enable people with diabetes to confidently live their lives with ease. For more information on Senseonics, please visit us at www.senseonics.com.

Forward Looking Statements

Certain statements contained in this press release, other than statements of fact that are independently verifiable at the date hereof, may constitute "forward-looking statements." These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control.

Other risks and uncertainties are more fully described in the section entitled "Risk Factors" in the Company's Current Report on Form 8-K filed December 10, 2015. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause our expectations and beliefs to change. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this news release to reflect subsequent information, events, results or circumstances or otherwise. While we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • Senseonics Contact:
    R. Don Elsey
    Chief Financial Officer
    Senseonics, Incorporated
    (301) 556-1602
    Email contact