Tandem Diabetes Care To Draw Down $35 Million Under Existing Term Loan Facility With CRG
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.
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.