The San Diego, Calif.-based company reeled in $69 million from the offering, after underwriters exercised an option to buy 4.5 million additional shares of Tandem’s common stock.
The insulin pump-maker has tried to drum up new funds over the last year. In October, Tandem shareholders gave the go-ahead for a 1-for-1o reverse stock split in the hopes of making its stock more attractive to institutional investors.
In the third quarter of the fiscal year, Tandem took control of its losses but missed sales estimates on Wall Street.
Tandem posted losses of -$16 million on sales of $23.7 million for the 3 months ended Sept. 30, for bottom-line growth of 46% on sales growth of 14.5% compared with the same period last year. Analysts on the Street were looking for sales of $25.9 million.
The company is slated to report its Q4 financial results on March 1.