Valeritas Announces Pricing of $36 Million Public Offering
November 15 2018 - 8:13PM
Valeritas Holdings, Inc. (NASDAQ: VLRX), a medical technology
company and maker of V-Go® Wearable Insulin Delivery device, a
simple, all-in-one, wearable insulin delivery option for patients
with diabetes, today announced the pricing of its underwritten
public offering of (i) 75 million shares of its common stock, (ii)
series A warrants to purchase 75 million shares of its common stock
and (iii) series B warrants to purchase 75 million shares of its
common stock, for gross proceeds of $36 million, at a public
offering price of $0.48 per share and accompanying warrants. The
series A warrants have an exercise price of $0.60 per share, are
immediately exercisable and will expire on the fifth anniversary of
the date of issuance. The series B warrants have an exercise price
of $0.48 per share, are immediately exercisable and will expire on
the nine-month anniversary of the date of issuance. The shares of
common stock and the accompanying warrants will be sold together in
this offering but will be issued separately. All of the shares of
common stock and warrants to be sold in the offering are being
offered by Valeritas. The offering is expected to close on November
20, 2018 subject to customary closing conditions. Valeritas intends
to use the net proceeds from this offering for working capital and
other general corporate purposes.
Oppenheimer & Co. Inc. and BTIG, LLC are acting as joint
book-running managers for the offering. National Securities
Corporation, a wholly owned subsidiary of National Holdings
Corporation (NASDAQ: NHLD), is acting as a co-manager in connection
with the offering.
A registration statement related to these securities and an
additional registration statement filed pursuant to Rule
462(b) was declared effective by the Securities and Exchange
Commission (the “SEC”) on November 15, 2018. The offering will be
made only by means of a prospectus. Copies of the final prospectus
filed with the SEC can be obtained, when available, from
Oppenheimer & Co. Inc. Attention: Syndicate Prospectus
Department, 85 Broad St., 26th Floor, New York, NY 10004, by
telephone at (212) 667-8055 or by email at
EquityProspectus@opco.com. Copies of the final prospectus may also
be obtained from BTIG, LLC at 825 Third Avenue, 32nd Floor, New
York, NY 10022, by telephone at (212) 513-7555, or by email at
EquityCapitalMarkets@btig.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities of Valeritas,
nor shall there be any sale of securities in any state or
jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Valeritas Holdings, Inc.
Valeritas is a commercial-stage medical technology company
focused on improving health and simplifying life for people with
diabetes by developing and commercializing innovative technologies.
Valeritas’ flagship product, V-Go® Wearable Insulin Delivery
device, is a simple, affordable, all-in-one basal-bolus insulin
delivery option for patients with type 2 diabetes that is worn like
a patch and can eliminate the need for taking multiple daily shots.
V-Go administers a continuous preset basal rate of insulin over 24
hours, and it provides discreet on-demand bolus dosing at
mealtimes. It is the only basal-bolus insulin delivery device on
the market today specifically designed keeping in mind the needs of
type 2 diabetes patients. Headquartered in Bridgewater, New Jersey,
Valeritas operates its R&D functions in Marlborough,
Massachusetts.
More information is available at www.valeritas.com and our
Twitter feed @Valeritas_US, www.twitter.com/Valeritas_US.
Forward-Looking Statements
This press release may contain forward-looking statements.
Statements in this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, references to Valeritas technologies,
business and product development plans and market information.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the ability to raise the additional funding
needed to continue to pursue Valeritas’ business and product
development plans, the inherent uncertainties associated with
developing new products or technologies, the ability to
commercialize the V-Go® Wearable Insulin Delivery device with
limited resources, competition in the industry in which Valeritas
operates and overall market conditions. Statements or claims made
by third parties regarding the efficacy or functionality of V-Go as
compared to other products are statements made by such individual
and should not be taken as evidence of clinical trial results
supporting such statements or claims. Any forward-looking
statements are made as of the date of this press release, and
Valeritas assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements, except as
required by law. Investors should consult all of the information
set forth herein and should also refer to the risk factor
disclosure set forth in the reports and other documents Valeritas
files with the SEC available at www.sec.gov.
Investor Contacts:Lynn Pieper Lewis or Greg ChodaczekGilmartin
Group646-924-1769ir@valeritas.com
Media Contact:Kevin KnightKnight Marketing Communications,
Ltd.206-451-4823pr@valeritas.com
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