BRIDGEWATER, N.J., June 4, 2013 (PR NEWSWIRE) – Valeritas, makers of the V-Go® insulin delivery device, today announced that they have closed a structured debt financing with Capital Royalty L.P. which provides Valeritas with up to $100 million to further support the commercialization of the V-Go.
"We are pleased to have Capital Royalty as a financial partner," said Kristine Peterson, Valeritas Chief Executive Officer. "This financing gives us further flexibility to expand our US commercial efforts for V-Go and bring this innovative treatment approach to many more patients with Type 2 diabetes."
V-Go is a simple, fully-disposable device that delivers a continuous preset basal rate of insulin for 24 hours with on-demand mealtime dosing. It is designed to be easier to use and assist with blood glucose control in adult patients who require insulin.
The V-Go is unlike anything else on the insulin delivery market for patients with Type 2 diabetes," said Charles Tate, Chairman and Founder of Capital Royalty L.P. "We see great long-term potential in the V-Go and our investment in Valeritas aligns with our continued focus on building customized financing solutions for healthcare companies with innovative commercial technologies."
This financing builds on Valeritas' previously announced $150 million equity financing in 2011 and strong backing of leading private equity and venture capital investors.
About the V-Go® Disposable Insulin Delivery Device
The V-Go® is a simple, fully disposable device for the delivery of basal-bolus insulin therapy in adults with Type 2 diabetes. The V-Go provides a continuous preset basal rate of insulin and allows for on-demand bolus dosing around mealtimes, thereby providing an alternative to taking multiple daily insulin injections.
Important Risk Information: If regular adjustments or modifications to the basal rate of insulin are required in a 24-hour period, or if the amount of insulin used at meals requires adjustments of less than 2-Unit increments, use of the V-Go Disposable Insulin Delivery Device may result in hypoglycemia. The following conditions may occur during insulin therapy with the V-Go: hypoglycemia (low blood glucose) or hyperglycemia (high blood glucose). Other adverse reactions associated with V-Go use include skin irritation from the adhesive pad or infections at the infusion site. The V-Go should be removed before any magnetic resonance imaging (MRI) testing.