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Valeritas public offering set at $36M

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Bridgewater-based Valeritas Holdings Inc. announced Friday a pricing of $36 million for its underwritten public offering, expected to close Nov. 20, subject to customary conditions.

At a public offering price of $0.48 per share, the offering includes 75 million shares of its common stock; series A warrants for 75 million shares of common stock with an exercise price of $0.60 per share, immediately exercisable and set to expire on the fifth anniversary of the date of issuance; and series B warrants to purchase 75 million shares of common stock, with an exercise price of $0.48 per share, also immediately exercisable, and set to expire on the nine-month anniversary of issuance.

The V-Go Wearable Insulin Delivery device maker says it plans to use net proceeds from the offering for working capital and other general use.

Veritas said Oppenheimer & Co. Inc. and BTIG LLC are both serving as main underwriters for the deal, with National Securities Corp. as co-manager in connection with the offering.

Common stock shares and accompanying warrants will be sold together, but issued separately. Both will be offered by the company.

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Jessica Perry

Jessica Perry


Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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