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."
Valeritas, 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 the joint bookrunners on the flotation.
