Valeritas (NSDQ:VLRX) said today that it inked a deal with Aspire Capital Fund to buy $20 million of Valeritas’ common stock.
According to the deal, Aspire Capital is slated to purchase common stock at Valeritas’ request from time to time during a 30-month period at prices based on the market price at the time of each sale.
“This agreement with Aspire provides us access to capital to support our commercial operations and advancing our product pipeline,” president & CEO John Timberlake said in prepared remarks.
“Our relationship with Aspire allows us to strengthen our balance sheet over time without banking commissions or warrants. Controlling the timing and amount of common stock being sold is key, as we can use this facility to opportunistically strengthen our balance sheet over the next thirty months without unnecessary dilution.”
In May, Valeritas reported that a retrospective analysis of 86 diabetic patients who switched from multiple daily insulin injections to the V-Go insulin pump demonstrated a 44% reduction in total daily insulin dose per patient.
A drastic cut to a patient’s daily insulin dose and improvement to their blood sugar levels are outcomes that Scott Abbott, director of medical development at Valeritas, has come to expect with the company’s device.
“We’ve seen this in almost every study that has been done using the V-Go insulin delivery device,” Abbott told Drug Delivery Business News.
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