Insulet Corporation (NASDAQ:PODD) shares lost ground, after the company announced plans for a public offering of its common stock.
The Acton, Mass.-based Insulte, a global leader in tubeless insulin pump technology with its Omnipod® Insulin Management System (Omnipod System), today announced the pricing of its $500 million common stock registered underwritten offering at $211.00 per share, in which Insulet will sell 2,369,668 shares.
Insulet granted the underwriters a 30-day option to purchase up to 355,450 additional shares to be sold directly by Insulet to the underwriters.
Insulet expects to use the net proceeds from the sale of the shares of its common stock in this offering for general corporate purposes.
Insulet’s Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle.
Insulet also leverages the unique design of its Pod by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas.
The company is making the virtual rounds of investor conferences, one going on this afternoon, and the other next Wednesday.
Shares slid $15.11, or 6.8%, to $205.60.
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