Valeritas, insulin delivery devices maker, has announced that it has closed a structured debt financing with Capital Royalty which will provide the company with about $100m in order to further commercialize V-Go.
Designed to be easier to use and assist with blood glucose control in adult patients who require insulin, V-Go is a disposable device for the delivery of basal-bolus insulin therapy in adults with Type 2 diabetes. It delivers a continuous preset basal rate of insulin for 24 hours with on-demand mealtime dosing, thereby offering an alternative to taking multiple daily insulin injections.
Valeritas CEO Kristine Peterson said that the financing gives the company further flexibility to expand its US commercial efforts for V-Go and bring this treatment approach to many more patients with Type 2 diabetes.
This financing builds on Valeritas' earlier announced $150m equity financing in 2011, besides strong backing of leading private equity and venture capital investors.
Capital Royalty L.P founder and chairman Charles Tate said V-Go is unlike anything else on the insulin delivery market for patients with Type 2 diabetes.
"We see great long-term potential in the V-Go and our investment in Valeritas aligns with our continued focus on building customized financing solutions for healthcare companies with innovative commercial technologies," Tate added.
