Valeritas, which markets a disposable device that delivers basal-bolus insulin therapy for Type 2 diabetes, withdrew its plans for an initial public offering on Thursday.
It had originally set terms in March 2015 to raise $75 million by offering 5.0 million shares at a price range of $14 to $16. At the midpoint of the range, it would have commanded a market cap of $241 million. The company had not updated its filing since the IPO attempt.
Other publicly-traded glucose device makers include Insulet (PODD) and Tandem Diabetes Care (TNDM). Another glucose device maker, Senseonics Holdings (SENS), is on the IPO calendar for a $60 million offering next week.
The Bridgewater, NJ-based company was founded in 2006 and booked $13 million in sales for the 12 months ended December 31, 2014. It had planned to list on the Nasdaq under the symbol VLRX. Piper Jaffray and Leerink Partners were set to be the joint bookrunners on the deal.
