Senseonics Suspends Commercial US Sales of Eversense in Response to COVID-19
On March 26, Senseonics Holdings, Inc. suspended commercial sales of its Eversense Continuous Glucose Monitor (CGM) in the United States. In an effort to reduce overall costs, Senseonics is electing to stop selling to new patients and practices, but will continue to distribute to current Eversense CGM users.
In a regulatory filing, Senseonics cited feared financial repercussions of the current Coronavirus pandemic as reasoning for this decision. According to the report, the company “is considering the impact of the COVID-19 global pandemic on access to physician offices and medical facilities.” Senseonics outlined several concerns, including a work from home order issued in Maryland, where the company is based. The report explained that policies forcing employees to work remotely could “negatively impact productivity, disrupt our business and delay our clinical programs, regulatory and commercialization timelines.”
Senseonics provided the following statement to Beyond Type 1: “Senseonics has been concerned since the COVID-19 outbreak, not only about the health and safety of our employees, patients and world, but about the effect that this pandemic has had on our ability to deliver the Eversense CGM system to our users… To ensure continuity of care for our existing customers, we are reducing commercialization expenditures to focus our resources solely on existing customers. This will mean stopping sales and marketing efforts to acquire new Eversense users in the US. No new patients or clinics will be initiated… We will continue to support our present users in the US and outside of the US through our Customer Care Support Lines. We continue to monitor the usage of the system and complete our obligations to the appropriate regulatory bodies and to the diabetes community.
The company remains committed to the development and submission to the U.S. Food and Drug Administration (FDA) of the US Eversense XL product (up to 180 days). We believe that this new sensor system will be a highly desired CGM product that will offer a markedly innovative product to people with diabetes.”
This news comes on the heels of a press release from Senseonics on Monday, March 23, in which the company indicated its Board of Directors was exploring potential alternatives, including the option to possibly sell the company. The day before this announcement, Senseonics had terminated a loan agreement and paid off outstanding debt.
For more information about the diabetes supply chain as it relates to the Coronavirus pandemic, click here.