Valeritas prices $36m public offering

Valeritas (NSDQ:VLRX) today priced an underwritten public offering of 75 million shares at 48¢ per share and accompanying warrants.

The Bridgewater, N.J.-based company expects to reel in roughly $36 million in proceeds from the offering.

The offering’s series A and B warrants have exercise prices of 60¢ per share and 48¢ per share, respectively. Valeritas said the offering is slated to close on Nov. 20.

The company plans to use the net proceeds from the offering for working capital and other general corporate purposes.

Earlier this week, Valeritas signed an exclusive distribution deal with Julphar for the commercialization of its V-Go wearable insulin delivery device in the member states of the Gulf Cooperation Council.

Valeritas has deals in place to bring its V-Go device to 14 countries and territories, including Australia, Slovenia and Puerto Rico. The company is also working to win regulatory approval for the product in China.

The news of the company’s distribution deal came on the heels of its third-quarter financial results, which topped estimates on Wall Street.

Valeritas posted a net loss of -$11.5 million on sales of $6.9 million for the 3 months ended Sept. 30. Sales were up 37% compared with the same period last year.

Earnings per share were -49¢, ahead of consensus on The Street, where analysts were looking for sales of $6.85 million.

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