Tandem Diabetes Care (NSDQ:TNDM) said today that it raised roughly $115 million from an underwritten public offering.
The San Diego, Calif.-based company offered 3,508,770 shares of its common stock at $28.50 apiece. Underwriters fully exercised an option to buy 526,315 additional shares of common stock, Tandem noted.
Also today, the company announced that results from the Prolog study of its t:slim X2 insulin pump with predictive low glucose suspend technology were published online in Diabetes Care.
Data from the study show that Tandem’s t:slim X2 pump with Basal-IQ technology significantly reduced hypoglycemia without rebound hyperglycemia compared to the t:slim X2 pump with integrated CGM and no automated insulin suspension.
“The results seen in the Prolog study demonstrate that an automated insulin delivery system can have a significant impact on glycemic control without being overly complicated or burdensome for the patient,” principal investigator Dr. Greg Forlenza said in prepared remarks. “We think the t:slim X2 Insulin Pump with Basal-IQ Technology will be a welcome addition for healthcare providers and clinics looking for a simple-to-teach system that can help reduce the risk of hypoglycemia without significantly increasing the training and support demands on their practice.”
“Subjects in the Prolog study adopted the Basal-IQ system quickly and easily. There was also no evidence of alarm fatigue, since alerts related to insulin suspension and resumption are optional, allowing the feature to operate quietly in the background,” Dr. Jordan Pinsker, senior research physician at Sansum Diabetes Research Institute, added. “The high usability scores are remarkable and match the level of positive user experience feedback we received from participants over the course of the study.”
