Tandem Diabetes Care to Draw Down $35 Million under Existing Term Loan Facility with CRG
SAN DIEGO--(BUSINESS WIRE)--
Tandem Diabetes Care®, Inc. (NASDAQ: TNDM) today announced that it has
initiated the drawdown of $35 million under the company's previously
announced term loan facility with Capital Royalty Partners II L.P. and
its affiliated funds ("CRG"). The transfer of funds is scheduled to take
place by December 31, 2016.
"Our access to CRG's debt facility as part of our overall financing
strategy has allowed us to invest in commercialization and research and
development efforts to become the fastest growing insulin pump company
in the United States," said Kim Blickenstaff, Tandem's President and
Chief Executive Officer. "We value our long-standing relationship with
CRG, and with the additional support of this financing we are now in a
stronger position to continue delivering ongoing innovation to people
"CRG continues to see the long-term opportunity for Tandem's products
and pipeline," said Luke Düster, managing director of CRG. "This latest
investment represents our continued support for Tandem to further their
Tandem previously borrowed $15 million and $30 million from CRG in
January of 2016 and 2013, respectively.
About Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc. (www.tandemdiabetes.com)
is a medical device company with an innovative, user-centric and
integrated approach to the design, development and commercialization of
products for people with diabetes who use insulin. The company
manufactures and sells the t:slim X2™ Insulin Pump, the slimmest and
smallest durable insulin pump currently on the market; the t:flex®
Insulin Pump, the first pump designed for people with greater insulin
requirements; and the t:slim G4™ Insulin Pump, the first continuous
glucose monitoring-enabled pump with touchscreen simplicity. Tandem is
based in San Diego, California.
About CRG L.P.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a
healthcare-focused investment firm with approximately $2 billion of
assets under management that provides capital to healthcare companies
primarily through structured debt and senior secured loans. CRG works
across the spectrum of life science products and technologies and
targets investment sizes ranging between $20 million and $200 million.
The firm partners with commercial-stage healthcare companies to provide
flexible financing solutions so they can achieve their growth
objectives. CRG is headquartered in Houston, Texas, with offices
in Boulder, Colorado, and New York City.
Follow Tandem Diabetes Care on Twitter @tandemdiabetes; use #tslimX2,
#tslimG4, #tflex, #tconnect, and $TNDM.
Follow Tandem Diabetes Care on Facebook at www.facebook.com/TandemDiabetes.
Follow Tandem Diabetes Care on LinkedIn at https://www.linkedin.com/company/tandemdiabetes.
t:flex and Tandem Diabetes Care are registered trademarks, and t:slim X2
and t:slim G4 are trademarks of Tandem Diabetes Care, Inc.
t:slim, t:flex and Tandem Diabetes Care are registered trademarks, and
t:slim G4 is a trademark of Tandem Diabetes Care, Inc.
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 the anticipated rate of growth of the company, the company's
ability to develop new innovative products and technology and the
anticipated date for the transfer of funds for this drawdown under the
company's term loan facility with CRG. The company's actual results may
differ materially from those anticipated or projected in these
forward-looking statements due to numerous risks and uncertainties. For
instance, successful commercialization of the company's insulin pump
products may be negatively impacted by a number of factors, including:
lack of market acceptance by physicians and people with diabetes; the
potential that newer products that compete with this product, or other
technological breakthroughs for the monitoring, treatment or prevention
of diabetes, may render this product obsolete or less desirable; and the
potential that the pump purchasing process, including insurance
verification approval for individual customers, may delay or prevent the
sale of the pump. 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 U.S. Food and Drug Administration or any other regulatory
body or governmental authority; and other risks identified in the
company's most recent Annual Report on Form 10-K and Quarterly Report on
Form 10-Q, as well as 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/20161129005423/en/
The Sabicer Group
Tandem Diabetes Care
Susan Morrison, 858-366-6900
Source: Tandem Diabetes Care, Inc.
News Provided by Acquire Media
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