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Venture-backed medical device maker Tandem Diabetes files for $100m IPO

9 Oct 2013

Tandem Diabetes pumpVenture capital-backed insulin pump maker Tandem Diabetes has filed to raise $100m through an IPO on the Nasdaq Global Market.

Delphi Ventures and Domain Associates are the company’s biggest backers with stakes of just over 26 per cent each according to a filing with the US securities regulator, while TPG Biotechnology Partners holds about 20 per cent.

HLM Venture Partners has a stake of about 11.4 per cent and Kearny Venture Partners about 6.4 per cent.

The company began selling its flagship insulin delivery system t:slim in the US in the third quarter of 2012, making $2.5m of sales by the end of the year.

It said those sales grew to $11m for the first six months of 2013, although its net loss for the period was still $26.5m.

The company’s current accumulated deficit stands at $132.5m.

Bank of America Merrill Lynch and Piper Jaffray are acting as joint book-running managers for the offering.

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