Tandem Diabetes Files for $100M IPOTuesday, October 8, 2013
San Diego-based Tandem Diabetes Care Inc. has filed for a $100 million initial public offering, making it the eighth area company to file for an IPO this year.
The other seven were biotechnology companies —Tandem is the first area medical device company this year to submit a prospectus with the U.S. Securities and Exchange Commission.
Tandem’s flagship product, the t:slim insulin monitor, 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.
The company plans to use the funds to expand its sales and marketing infrastructure, broaden third-party payor coverage to allow a larger patient pool access to the products, and make its San Diego manufacturing facility more efficient.
For the six months that ended June 30, the company posted a loss of $26.5 million on sales of $11 million. Its accumulated deficit as of June 30 was $132.5 million. Tandem said that it has shipped about 3,200 pumps through that date.
The company employed 270 as of June, it said in the prospectus. It plans to list on the Nasdaq Global Market under ticker symbol “TNDM.”
— Meghana Keshavan