Valeritas, Inc., a medical technology company focused on the development and commercialization of innovative drug delivery solutions, announced today it has completed a significant Series C round of financing of $150 million. This financing will support the commercialization of the V-Go™ Disposable Insulin Delivery Device, which provides basal-bolus insulin therapy for adult patients with diabetes who require insulin.
Welsh, Carson, Anderson & Stowe led the financing and assumes a controlling interest in Valeritas. Existing investors who participated in the Series C financing 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.
"We consider this financing a reflection of our investors' belief in Valeritas and the potential for V-Go," said Kristine Peterson, Valeritas Chief Executive Officer. "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."
Daniel Pelak, incoming Valeritas Chairman of the Board and Senior Industry Executive at Welsh, Carson, Anderson & Stowe commented, "Valeritas has an innovative product in a therapeutic area with high unmet needs. We look forward to working with Valeritas' strong executive team to commercialize the V-Go and expand the Company."
Vaughn M. Kailian, former Valeritas Executive Chairman of the Board and Managing Director of MPM Capital added, "As a long-standing investor, we are excited to continue to finance Valeritas and support the company through commercialization. This up-round further validates the value of Valeritas and the V-Go."
Diabetes rates skyrocket globally with millions left untreated