Valeritas (NSDQ:VLRX) said this week that it plans to offer 37,593,984 shares of its common stock, hoping to raise $50 million in gross proceeds.
The medical technology company also announced its preliminary financial results this week for the third quarter of 2018.
The Bridgewater, N.J.-based company expects to post quarterly revenue of approximately $6.9 million, just ahead of the $6.85 million predicted by analysts. Compared to the same period in 2017, Valeritas’ sales are up 36%. Full Q3 results are expected on Nov. 12.
Last month, Valeritas began the process to register its wearable insulin delivery device, V-Go, in China.
The company noted that it signed an agreement with an unnamed contract research organization to work directly with the China National Drug Administration, in the hopes of winning regulatory approval for V-Go in China.
VLRX shares were trading at $1.34 apiece in premarket activity today, up +3.9%.
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