California device maker Tandem Diabetes files registration documents for an initial public offering of up to $100 million.
Tandem Diabetes Care this week filed registration documents ahead of an initial public offering that the San Diego company estimated may be worth up to $100 million. Tandem shares will be listed on the Nasdaq exchange under the ticker 'TNDM'.
The registration has not yet become effective, according to the company.
"Our goal is to significantly expand and further penetrate the insulin-dependent diabetes market and become the leading provider of insulin pump therapy," Tandem said in its registration statement.
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.
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