The Bridgewater, N.J.-based company inked an exclusive distribution deal with Movi SpA to bring its V-Go device to the more than 2 million people in Italy with Type 2 diabetes.
“We are happy to announce the V-Go Wearable Insulin Delivery device is now available in Italy for patients with Type 2 diabetes,” Valeritas CEO John Timberlake said in prepared remarks. “We are excited that the 2 million people in Italy diagnosed with Type 2 diabetes now have the option of a simple, affordable, all-in-one insulin delivery system.”
“We are proud to be the first European country to officially introduce this new simple and effective device that will help people with Type 2 diabetes better control their glucose and improve their quality of life,” Movi president Enrico Piero Bassani added.
According to the terms of the distribution deal, Valeritas will be responsible for product development, regulatory approval, quality management and manufacturing while Movi will handle sales, marketing, customer support and distribution activities.
The company said earlier this week that it plans to offer 37,593,984 shares of its common stock in an effort to raise $50 million in gross proceeds.