Tandem Diabetes Care shares jump in market debut

SAN DIEGO (AP) - Shares of Tandem Diabetes Care Inc. soared in their first day of trading as a public company.

The San Diego-based medical device company raised $120 million in its offering of 8 million shares priced at $15 each, at the high end of the expected range. It also granted underwriters the option to buy another 1.2 million shares for overallotments.

Tandem makes insulin pumps used by some diabetes patients. The company's shares are trading on the NASDAQ under the ticker symbol "TNDM."

Its stock jumped more than 52 percent to $19.19 in midday trading Thursday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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