Shares of Tandem Diabetes Care (NSDQ:TNDM) closed up some more than 28% above their offering price today after the medical device company’s initial public offering debuted on the NASDAQ exchange.
TNDM shares opened at $19.40 apiece, 29.3% ahead of the $15-per-share price Tandem assigned yesterday, peaked at $20.20 before subsiding to a $19.21 close. Some 4.0 million shares changed hands, half of the total 8 million shares Tandem plans to offer.
San Diego-based Tandem said the offering is expected to run until Nov. 19. The company, which makes the the touch-screen t:slim insulin delivery system, 1st estimated that the offering would raise $120 million when it filed for the IPO last month.
The t:slim device won FDA clearance in November 2011. Tandem calls t:slim the "slimmest and smallest durable insulin pump on the market," touting it as being 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. Last week Tandem said the IPO would be priced at $13-$15 per share.
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.
