Valeritas today postponed its planned initial public offering, which at the midpoint was slated to fetch $75 million for its V-Go basal insulin delivery system for Type II diabetes, Renaissance Capital reported.
Earlier this month Valeritas said it planned to put up 5 million shares at $14 to $16 each.
At the midpoint of the range, the IPO would have fetched $75 million for Bridgewater, N.J.-based Valeritas, which planned to list on the NASDAQ exchange under the "VLRX" symbol.
Valeritas makes the V-Go insulin delivery system, 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.
“V-Go enables patients to closely mimic the body’s normal physiologic pattern of insulin delivery by releasing a single type of insulin at a continuous preset background, or basal, rate over a 24-hour period and on demand around mealtime, or bolus dosing," the company said in a regulatory filing. "The basal-bolus insulin regimen provided by V-Go enables patients to manage their diabetes with insulin, but without the need to plan their daily routine around multiple daily injections."
Piper Jaffray, Leerink Partners and Oppenheimer were the joint bookrunners on the flotation.