Tandem Diabetes Care (NSDQ:TNDM) has priced an underwritten public offering of 30 million shares of common stock at $2.00 apiece.
The San Diego, Calif.-based company said it expects to reel in $60 million from the offering. Tandem also gave underwriters a 30-day option to buy up to 4.5 million more shares of common stock.
The offering is slated to close on Feb. 13, according to Tandem’s release.
Tandem has been busy trying to drum up more money over the last year. In October, the company’s shareholders approved a 1-for-1o reverse stock split in the hopes of making its stock more attractive to institutional investors.
In that same month, the company priced a $16 million public offering of stock and warrants. Tandem also registered for a $40 million public offering of its common stock just last month.
In the third quarter of its fiscal year, the medical device maker reeled in 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.
Tandem is scheduled to report its Q4 financial results on March 1.
