Tandem Diabetes Care to Draw Down $35 Million under Existing Term Loan Facility with CRG
November 29 2016 - 8:30AM
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 with
diabetes.”
“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 business momentum.”
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.
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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161129005423/en/
Media Contact:The Sabicer GroupSteve Sabicer,
714-907-6264ssabicer@thesabicergroup.comorInvestor
Contact:Tandem Diabetes CareSusan Morrison, 858-366-6900
x7005smorrison@tandemdiabetes.com
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