Valeritas collects $100M for disposable insulin delivery device

Valeritas brought in $100 million to market its V-Go insulin delivery device.--Courtesy of Valeritas

Valeritas has nailed down up to $100 million in structured debt financing to further commercialize its V-Go disposable insulin delivery device.

V-Go delivers a preset basal rate of insulin for 24 hours with on-demand mealtime dosing, which the company asserts makes the device easy to use in the monitoring of blood glucose for adult diabetics.

The funding, which comes from investor Capital Royalty, builds on a previous $150 million in equity financing the New Jersey-based Valeritas corralled for the device in 2011. The FDA cleared V-Go initially in late 2010, and the European authorities followed suit the next year with a CE mark. Around the same time, the FDA cleared the device for the delivery of Novo Nordisk's ($NVO) insulin product NovoLog for adult diabetics.

"The V-Go is unlike anything else on the insulin delivery market for patients with Type 2 diabetes," Capital Royalty Chairman Charles Tate said in a statement. "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."

Valeritas has two other delivery devices in its product line, including the Mini-Ject needle-free delivery system for noninsulin compounds and the Micro-Trans intradermal patch with drug-delivering microneedles.

- here's the release