On its first day of trading on the Nasdaq, shares for Tandem Diabetes Care Inc. soared 28 percent — or $4.26 — closing day trading at $19.26. It trades on the Nasdaq under ticker symbol TNDM.
In the days leading to its IPO, Tandem raised the price of its previously announced initial public offering — increasing the targeted goal from $100 million to $120 million.
The company said it would release 8 million shares priced $15 apiece. Earlier this month, the company planned on releasing 7.1 million shares priced at $13 to $15 per share.
Tandem’s flagship product, the t:slim insulin pump, was approved by the Food and Drug Administration in November 2011. The touchscreen device, which has the size and general appearance of a smartphone, has a smaller pumping mechanism than standard devices on the marketplace.
— SDBJ Staff Report