Bridgewater, NJ-based Valeritas has completed a $150 million Series C round of financing led by Welsh, Carson, Anderson & Stowe, which assumes a controlling interest in the company. The financing will support the commercialization of the V-Go disposable insulin delivery device.
The V-Go is the first fully disposable device that delivers a continuous preset basal rate of insulin and allows for on-demand bolus dosing at mealtimes, thereby providing an alternative to multiple daily insulin injections. It was cleared by the FDA in December 2010 and received CE Mark approval in July. Back in March, the FDA cleared V-Go for use with Novo Nordisk's insulin product NovoLog in adult diabetics.
Valeritas' portfolio also includes the h-Patch for the delivery of other compounds beyond insulin, the Mini-Ject pre-filled needle-free delivery system and the Micro-Trans microneedle transdermal delivery patch, according to the company's website.
"We consider this financing a reflection of our investors' belief in Valeritas and the potential for V-Go," said Kristine Peterson, Valeritas CEO, in a statement. "Millions of adult patients suffer from Type 2 diabetes and require insulin, and we believe the V-Go will be an important treatment option to assist in the management of their diabetes." Other investors include MPM Capital, Pitango Venture Capital, Abingworth, Advanced Technology Ventures, ONSET Ventures, HLM Venture Partners, Agate Medical Investments, CHL Medical Partners and Kaiser Permanente Ventures.
- see the Valeritas release