Tactile Systems Technology Inc. has lowered the proposed share price for an initial public offering in hopes of completing the process.

In an amended filing with the Securities and Exchange Commission on Wednesday, the company, operating as Tactile Medical, lowered the proposed offering price to $10 per share. At $10 per share, the Minneapolis company could raise as much as $46 million, if underwriters exercise their overallotment.

Should Tactile Medical complete its IPO, it would be the first Minnesota company to complete a major IPO since Plymouth-based Entellus Medical raised $78.3 million from its IPO on Jan. 29, 2015.

In early June, Tactile Medical proposed an offering range of $14 to $16 per share for 4 million shares, which would have raised as much as $73.6 million, depending on the sale of additional shares in an overallotment.

Tactile Medical intends to use proceeds of the offering to expand its sales, marketing, reimbursement, clinical, regulatory and product development activities.

Offering documents generally list a price spread of a couple dollars. Narrowing that range to a single price might be an indication the deal is closer to completion.

Tactile Medical filed an initial registration statement with the SEC for an IPO on Jan. 25 and has filed three other amendments. The update on June 9 was the first to list an offering range and the number of shares to be offered.

Renaissance Capital, which tracks IPOs and is a manager of IPO-focused ETFs, had Tactile on its calendar of offerings to be priced in July. In its weekly note on expected pricings published July 15, Renaissance Capital expected Tactile Medical's to happen any day.

IPO pricings are already way behind the pace set in 2015. According to Renaissance Capital the number of completed IPOs in 2016 is 49, down 58 percent from the number of IPOs completed at this point in 2015.

Tactile Medical may have to push in the final week of July to complete its offering or face a seasonal slowdown in August for IPO pricings.

The company develops home therapy devices to treat lymphedema and venous ulcers. Lymphedema causes swollen limbs and dangerous infections. If often affects breast cancer and other cancer survivors whose lymph nodes and system may have been damaged or removed during treatment. Tactile Medical provides compression bandages and devices that help control the swelling.

Tactile Medical estimates that 3 million to 5 million people in the U.S. are living with lymphedema and that 820,000 people were diagnosed in 2015.

In its latest filing, the company also provided some financial updates on the company. The company hasn't completed its second-quarter audit, but preliminary numbers suggest revenue in the range of $19.4 million to $19.8 million, up from $14.8 million in same period of 2015. Tactile also expects to report net earnings in the range of $500,000 to $1 million, up from $100,000 for last year's period.

Patrick Kennedy • 612-673-7926