Tandem Diabetes closes $23m offering

Tandem Diabetes Care (NSDQ:TNDM) said yesterday it closed a $23.1 million round of funding.

In the offering, San Diego-based Tandem Diabetes floated approximately 18.5 million shares of common stock at a price of $1.25 per share, bringing in $23.1 million gross before deducting underwriting discounts and other expenses.

Piper Jaffray & Co acted as sole book-runners for the offering, with Oppenheimer & Co and Wedbush Securities acting as co-managers, according to an SEC filing.

Earlier this month, Tandem Diabetes saw shares fall despite the medical device maker meeting expectations on Wall Street with its 4th quarter results.

The company posted losses of -$15.7 million, or -48¢ per share, on sales of $24.8 million for the 3 months ended Dec. 31, for bottom-line loss of -40% on sales loss of -15% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were -48¢, ahead of consensus on The Street, where analysts were looking for sales of $22.8 million.

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