Valeritas Raises $150M for Insulin Device
[Updated 9/13/11 2:30 p.m. See below.] Valeritas, a Bridgewater, NJ-based medical device company, announced yesterday that it has raised $150 million in a Series C funding round. The money will support the company’s lead product, a disposable device designed for patients with Type 2 diabetes who require insulin.
The product, called V-Go Disposable Insulin Delivery Device (pictured above), was approved by the FDA in December 2010. Patients can fill it with insulin and then wear it under their clothing. They can use it to get both a continuous dosing of insulin under the skin and on-demand doses at mealtime. The company plans to use the new funding to support the commercialization of the product, which was also approved in Europe.
Private equity firm Welsh, Carson, Anderson & Stowe led the financing and took a controlling interest in Valeritas, the company said. Also participating in the round were existing investors MPM Capital, Pitango Venture Capital, Abingworth, Advanced Technology Ventures, ONSET Ventures, HLM Venture Partners, Agate Medical Investments, CHL Medical Partners, and Kaiser Permanente Ventures. “We’re very excited that all these investors are expressing a lot of interest in the opportunity Valeritas has,” says CEO Kristine Peterson. “The Type 2 market is large and growing, and we think V-Go provides a real benefit to patients who need insulin.” [This paragraph has been updated with additional details and a quote from Kristine Peterson.]