Tactile Systems Technology Inc., Minneapolis, has lowered the offering range of its proposed initial public stock offering in hopes of getting their deal priced. In doing so they’ll raise significantly less money.

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

In early June the company 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 by underwriters in an overallotment.

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

Offering documents generally list an offering range of a couple dollars, narrowing that to a single price may be an indication the deal is closer to completion. 

Tactile Systems, aka as Tactile Medical, filed an initial registration statement with the SEC for an IPO on January 25th and has filed three other amendments. The update on June 9th was the first 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 their weekly note on expected pricings published July 15 Renaissance Capital expected Tactile Medical’s offering to price 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 in 2015.

Tactile Medical, a medical technology company that develops home therapy devices to treat lymphedema and venous ulcers, may have to push in the final week of July to complete their offering or face a seasonal slowdown in August for IPO pricings. 

In their latest filing the company not only updated its offering price range they also provided some financial updates on the company. They haven’t completed their second quarter audit but preliminary numbers suggest revenues for the quarter will be $19.4 to $19.8 million, up from $14.8 million in second quarter of 2015. 

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