Tandem Diabetes details venture-backed $123M IPO

November 5, 2013 by Arezu Sarvestani

California's Tandem Diabetes plans to offer more than 8.2 million shares of stock at a maximum of $15 apiece for an initial public offering of up to $123.2 million.

Tandem Diabetes details venture-backed $123M IPO

Tandem Diabetes Care upped the ante on its venture-backed initial public offering, increasing its maximum aggregate price to $123.2 million and pricing shares at between $13-$15 apiece.

The company, maker of the touch-screen t:slim insulin delivery system, will begin trading on the Nasdaq exchange under the ticker 'TNDM' following the IPO.

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Tandem has not yet announced the launch date for the IPO.

Tandem has made inroads with its t:slim insulin delivery system, which won FDA clearance in November 2011. The device maker calls t:slim the "slimmest and smallest durable insulin pump on the market," designed to slide easily into a pocket.

"Based on extensive consumer input during development, we believe t:slim addresses both the embarrassment and functionality concerns related to the size and inconvenience of carrying a traditional pump," according to the registration statement.

Tandem posted its 1st revenues in 2012, reporting nearly $2.5 million in sales for the fiscal year ended December 31. Losses amounted to about $33 million, or $104.93 per share.