|V-Go Disposable Insulin Delivery Device--Courtesy of Valeritas|
Cash-hungry disposable insulin device maker Valeritas is raising $45 million in venture capital, according to an SEC filing. That could push the total amount the company's raised to more than $305 million since it was founded in 2006.
The startup needs this money to fund commercialization of its V-Go product, a disposable insulin dispenser for adult diabetics that provides a continuous insulin stream for 24 hours and on-demand mealtime dosing. The FDA cleared the device in 2010 for this indication and then later in 2011 cleared it specifically for use with Novo Nordisk's ($NVO) NovoLog. V-Go also received a CE mark in 2011.
The most recent data from Valeritas were presented in May at the American Association of Clinical Endocrinologists conference. These interim data from the SIMPLE study, a prospective observational trial, showed that Type 2 diabetes patients who switched to V-Go from long-acting insulin (with or without additional oral medications) had significantly improved glycemic control and a reduction of total daily insulin dose. Included in the interim analysis were 40 patients who used the V-Go for a minimum of 6 months; average A1C levels fell to a range of 7.7% to 8.3% from 8.5% to 10.2%.
The V-Go is 2.4 x 1.3 x 0.5 inches and weighs about one ounce when filled with insulin. It comes in three sizes and must be filled by the patient with fast-acting insulin. It is attached via adhesive to tissue on the abdomen or the back of the arm. One newly filled V-Go lasts 24 hours.
In this latest financing, Valeritas has raised almost $22 million of what looks to be a planned $45 million Series D round. Disclosed investors in the new round so far include existing investors Welsh, Carson, Anderson & Stowe, MPM Asset Management, Pitango Venture Capital and Onset Ventures. Investors in prior rounds include Abingworth, Kaiser Permanente Ventures and Advanced Technology Ventures.
Valeritas raised a $150 million Series C round in September 2011 and a $10 million Series B round in April 2011. Most recently in 2013, it raised up to $100 million in debt from Capital Royalty.
- here is the SEC filing
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