Venture 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.
Copyright © 2013 AltAssets