SAN DIEGO--(BUSINESS WIRE)--
Tandem Diabetes Care®, Inc. (NASDAQ: TNDM), a medical device company and
manufacturer of the only touchscreen insulin pumps available in the
United States, today announced the commencement of full manufacturing
operations at its new facility located on Barnes Canyon Road in San
Diego. In support of the Company's growing operations, the
50,000-square-foot Barnes Canyon facility doubles its previous
manufacturing capacity for both insulin pumps and cartridges and expands
warehousing for additional infusion set supplies related to the launch
of the Company's new t:lock™ connector.
"The expanded production and operational capabilities of our new
facility are strategically important to ensure we meet the increasing
demand for our insulin pumps and supplies, particularly with a growing
installed base of customers and new products on the horizon," said Kim
Blickenstaff, president and CEO of Tandem Diabetes Care. "Our new
facility is also designed to optimize our manufacturing processes and
allow for greater operational efficiencies, which positions us well to
achieve our long-term gross margin targets."
Site inspections by the United States Food and Drug Administration and
the California State Food and Drug branch were completed in the fourth
quarter of 2017. The new Barnes Canyon facility will initially house two
pump production lines and four cartridge manufacturing lines, with room
for two additional cartridge lines, in addition to warehousing
operations and office space. To further improve operational
efficiencies, the Company plans to relocate its remaining production
equipment and personnel from its existing facilities located on Roselle
Street in San Diego to the new manufacturing facility over the next 30
days.
Strategically, in conjunction with the commencement of full-scale
operations at its Barnes Canyon facility, the Company negotiated and
recently entered into amendments to its current leases for its Roselle
Street facilities. The Company is reducing its Roselle Street leased
area by approximately 30,000 square feet effective as of February 1,
2018, and extending the period of its leases for the remaining Roselle
Street facilities, comprising approximately 77,500 square feet, through
May 31, 2022. This series of transactions, together with the Barnes
Canyon facility coming online, provides the Company with increased
manufacturing square footage, while lowering its rent and related lease
obligations over the next two years.
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. The Company 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, the only pump capable of remote feature updates using
a personal computer, which is now available with Dexcom G5® Mobile
continuous glucose monitoring (CGM) integration, and the t:flex® Insulin
Pump, the first pump designed for people with greater insulin
requirements. Tandem is based in San Diego, California.
t:flex and Tandem Diabetes Care are registered trademarks, and t:slim X2
and t:lock are trademarks of Tandem Diabetes Care, Inc. Dexcom G5 is a
registered trademark of Dexcom, 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
include statements regarding the Company's expectations that there will
be increasing demand for its insulin pumps and supplies, that the
Company will achieve greater operational efficiencies and achieve its
long-term gross margin targets, that the Company will relocate
additional equipment and personnel to the new facility during the next
30 days, and that the Company will derive cost savings as a result of
the recent lease amendments. The Company's actual results may differ
materially from those indicated in these forward-looking statements due
to numerous risks and uncertainties, including: market acceptance of the
Company's products; 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; the Company's ability to
achieve operational efficiencies by manufacturing products at the Barnes
Canyon facility; the Company's ability to successfully complete clinical
trials for products under development when anticipated (or at all); and,
the Company's ability to obtain regulatory approvals for future products
and product features generally. In addition, the Company's results may
be impacted by the other risks identified in the Company's most recent
Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other
documents that the Company files with the Securities and Exchange
Commission. Investors 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: http://www.businesswire.com/news/home/20180103005425/en/
Tandem Diabetes Care, Inc.
Media Contact:
Steve
Sabicer, 714-907-6264
ssabicer@thesabicergroup.com
or
Investor
Contact:
Susan Morrison, 858-366-6900 x7005
smorrison@tandemdiabetes.com
Source: Tandem Diabetes Care, Inc.
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