Deal sells 5 million shares at $5.00 each to fund sales and marketing
By Devika Patel
Knoxville, Tenn., May 4 – Valeritas, Inc. said it completed an alternative public offering through a reverse merger of its operating company, Valeritas, Inc., and a private placement of stock that raised about $5 million.
The company sold about 5 million common shares at $5.00 per share.
Proceeds will be used to support sales and marketing activities as well as research and development. In addition, proceeds will be used for development of next generation products and general corporate purposes, such as working capital.
Bridgewater, N.J.-based Valeritas is a medical device company focused on Type 2 diabetes.
| Issuer: | Valeritas, Inc.
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| Issue: | Common stock
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| Amount: | $25 million (approximate)
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| Shares: | 5 million (approximate)
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| Price: | $5.00
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| Warrants: | No
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| Settlement date: | May 4
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| Stock symbol: | OTCBB: VLRX
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