Valeritas (NSDQ:VLRX) today announced a new $24 million offering.
In the offering, the Bridgewater, N.J.-based company will look to float approximately 13.7 million shares of common stock at $1.75 per share. The offering will also include a 30-day underwriter’s option for an additional 2.1 million shares at the same price.
Before deducting underwriter’s discounts and commissions, the company expects to net gross proceeds of $24 million. The additional underwriter’s option could bring in an additional $3.6 million, raising the total possible in the round up to $27.6 million.
The offering is expected to close on April 26, according to a press release. Net proceeds from the offering will be used for working capital and other general corporate purposes.
Last week, Glooko announced plans to provide its diabetes data management platform to Valeritas for use with the medtech company’s next-gen V-Go insulin delivery device.