Valeritas, which markets a disposable device that delivers basal-bolus insulin therapy for Type 2 diabetes, filed on Thursday with the SEC to raise up to $90 million in an initial public offering.
Valeritas' IPO filing arrives just one week after insulin pump maker Asante Solutions (PUMP) postponed its proposed $49 million offering. Another insulin pump company, Tandem Diabetes Care (TNDM), has traded down about 45% from one year ago and -14% from three months ago.
The Bridgewater, NJ-based company, which was founded in 2006 and booked $12 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol VLRX. Valeritas initially filed confidentially on August 8, 2014. Piper Jaffray, Leerink Partners and Oppenheimer are the joint bookrunners on the deal. No pricing terms were disclosed.
