Valeritas yesterday rekindled its plans for an initial public offering, but scaled its ambitions back by some $25 million.
Bridgewater, N.J.-based Valeritas makes the V-Go basal insulin delivery system for Type II diabetes, a fully disposable, continuous-delivery device that’s designed to function for 24 hours based on a preset rate, with on-demand dosing for meals.
Valeritas in March 2016 formally withdrew its 1st stab at an IPO, in which it had planned to put up 5 million shares at $14 to $16 each, for a gross of $75 million at the midpoint. A few months later the company raised $25 million through an “alternative public offering” via a reverse merger and a private placement. Through the reverse merger, Valeritas trades on the OTC market under the “VLRX” symbol, which it still plans to use when it jumps to the NASDAQ exchange in the current, $50 million IPO, according to an SEC filing.
The company booked $19 million in sales for the 12 months ended Sept. 30, 2016. Cowen & Co. and Wedbush PacGrow are the joint bookrunners on the deal.