That’s a significant bump over the $120 million San Diego-based Tandem aimed to raise with the IPO.
Investors bid TNDM shares up significantly during the stock’s 1st 4 days of trading on the NASDAQ exchange, with prices averaging $20.46 per share – a gain of 36.4%. Share prices reached a high of $24.00 Nov. 18, 60.0% above the offering price. Even the lowest price, $18.61 per share, was 24.1% over the offering price. TNDM shares closed at $20.11 apiece yesterday, down 0.8% on the day.
Tandem makes the the touch-screen t:slim insulin delivery system, which won FDA clearance in November 2011. The company calls t:slim the "slimmest and smallest durable insulin pump on the market," touting it as being designed to slide easily into a pocket.
Tandem posted its 1st revenues in 2012, reporting nearly $2.5 million in sales for the fiscal year ended Dec 31. Losses amounted to about $33 million, or $104.93 per share.