Tandem Diabetes Care (NSDQ:TNDM) has priced an underwritten public offering of 3.5 million shares of common stock at $28.50 apiece.
The San Diego, Calif.-based company expects to reel in roughly $100 million in gross proceeds from the offering. Tandem also gave underwriters a 30-day option to buy up to 526,315 additional shares of common stock.
The offering is slated to close on Aug. 7.
Shares in Tandem fell last month after the insulin pump maker topped sales expectations but missed earnings estimates on Wall Street with its second-quarter financial results.
The company posted a net loss of -$59.4 million on sales of $34.1 million for the 3 months ended June 30, for sales growth of 60% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -$1.17, far behind the -35¢ consensus on The Street. But the company handily beat sales expectations for the quarter – analysts were anticipating sales of $29.7 million.
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