Tandem Diabetes files for IPO of up to $100M

October 9, 2013 by Arezu Sarvestani

California device maker Tandem Diabetes files registration documents for an initial public offering of up to $100 million.

Tandem Diabetes files for IPO of up to $100M

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.

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"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.