SAN DIEGO--(BUSINESS WIRE)--Aug. 8, 2018--
Tandem Diabetes Care®, Inc. (NASDAQ: TNDM), a medical device company and
manufacturer of the only touchscreen insulin pumps with continuous
glucose monitoring (CGM) integration, today announced that it has fully
repaid its term loan made by Capital Royalty Partners II L.P. and its
affiliated funds (CRG). The balance of the outstanding debt plus accrued
interest owed to CRG was approximately $83.8 million, plus approximately
$5.0 million in associated financing fees that became due upon
repayment. The interest rate on the term loan was 11.5 percent.
“The repayment of our outstanding loan and the elimination of our
interest burden marks an extraordinary transformation of our balance
sheet,” said Kim Blickenstaff, President and Chief Executive Officer.
“This allows us to dedicate our financial resources to the achievement
of our profitability objectives and advance our new product offerings to
improve the lives of people with diabetes.”
As of June 30, 2018, the Company had $96.5 million in cash, cash
equivalents, short-term investments and restricted cash. The Company
generated an additional $115.0 million in gross proceeds from a public
offering of common stock completed on August 7, 2018, before deducting
underwriting discounts and commissions and other offering expenses.
Proceeds from this recent equity offering were used for the repayment of
the Company’s outstanding obligations to CRG.
About Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc. (www.tandemdiabetes.com)
is a medical device company dedicated to improving the lives of people
with diabetes through relentless innovation and revolutionary customer
experience. Tandem takes an innovative, user-centric approach to the
design, development and commercialization of products for people with
diabetes who use insulin. Tandem manufactures and sells the t:slim X2™
Insulin Pump with Basal-IQ™ Technology. The t:slim X2 Pump is capable of
remote feature updates using a personal computer, and is the first
insulin pump designated as compatible with integrated continuous glucose
monitoring (iCGM) devices. Tandem is based in San Diego, California.
Tandem Diabetes Care is a registered trademark, and t:slim X2 and
Basal-IQ are trademarks of Tandem Diabetes Care, Inc.
Forward Looking Statement
This press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, that
concern matters that involve risks and uncertainties that could cause
actual results to differ materially from those anticipated or projected
in the forward-looking statements. These forward-looking statements
relate to, among other things, the anticipated growth objectives of the
Company and its ability to reach profitability. The Company’s actual
results may differ materially from those indicated in these
forward-looking statements due to numerous risks and uncertainties. For
instance, the Company’s ability to achieve projected financial results
will be impacted by the Company’s ability to obtain regulatory approval
for new products and products under development and the timing of any
such approvals; market acceptance of the Company’s existing products and
products under development by physicians and people with diabetes; and
the potential that newer products that compete with the Company’s
products, or other technological breakthroughs for the monitoring,
treatment or prevention of diabetes, may render the Company’s products
obsolete or less desirable. Other risks and uncertainties include the
Company’s inability to manufacture products in commercial quantities at
an acceptable cost and in accordance with quality requirements; the
Company’s inability to contract with additional third-party payors for
reimbursement of the Company’s products; uncertainty associated with the
development and approval of new products generally; possible future
actions of the FDA or any other regulatory body or governmental
authority; as well as other risks identified in Tandem’s most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
respectively, and other documents that we file with the Securities and
Exchange Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of
this release. Tandem undertakes no obligation to update or review any
forward-looking statement in this press release because of new
information, future events or other factors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180808005695/en/
Source: Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc.
Steve Sabicer, 714-907-6264
Morrison, 858-366-6900 x7005