Nearly a year after tabling a proposed initial public offering, Valeritas today formally withdrew the planned flotation in a regulatory filing.
“The market conditions have been such that the offering of registrant’s common stock will not be consummated, and there have been no public offering activities by the registrant for at least the last several months,” Bridgewater, N.J.-based Valeritas said in the filing.
Valeritas had planned to put up 5 million shares at $14 to $16 each, which would have fetched $75 million at the midpoint. The company makes the V-Go basal insulin delivery system for Type II diabetes, a fully disposable continuous-delivery insulin system that’s designed to function for 24 hours based on a preset rate, with on-demand dosing for meal times.
Valeritas had planned to list on the NASDAQ exchange under the “VLRX” symbol. The company, which raised a $150 million Series C round in 2011, drummed up another $100 million in a structured debt financing 2 years later.
Piper Jaffray, Leerink Partners and Oppenheimer were slated to be the joint bookrunners on the flotation.