Tactile Medical shareholders ready $109 million offering

Tactile Systems Technology said this week that its investors have priced a new offering, looking to raise approximately $109 million.

In the offering, investors in the Minneapolis, Minn.-based company will look to offer 3.3 million shares of common stock at approximately $33 per share. The offering will also include an underwriters option to purchase an additional 495,000 shares, which could bring in an additional $16.3 million.

Tactile said it will receive no proceeds from the offering, which is expected to close today.

William Blair & Co. and Piper Jaffray & Co. are acting as joint book runners, with Cannacord Genuity acting as co-manager, according to an SEC filing.

In May, Tactile said it launched its Flexitouch device designed to treat lymphedema of the head and neck, touting it as the 1st and only pneumatic compression therapy approved for the condition.

The Flexitouch device is designed to use pneumatic compression to stimulate the lymphatic system to deliver non-invasive, self-delivered therapy for lymphedema, which is a common result of head and neck cancer and their treatments, the Minneapolis, Minn.-based company said.

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