Valeritas Holdings, Inc. (NASDAQ: VLRX) has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its secondary offering. No pricing details were given in the filing, although the offering is valued up to $57.5 million.

The underwriters for the offering are Oppenheimer and BTIG.

This is a commercial-stage medical technology company focused on improving health and simplifying life for people with diabetes by developing and commercializing innovative technologies. Valeritas’ flagship product, V-Go Wearable Insulin Delivery device, is a simple, affordable, all-in-one basal-bolus insulin delivery option for patients with type 2 diabetes that is worn like a patch and can eliminate the need for taking multiple daily shots.

V-Go administers a continuous preset basal rate of insulin over 24 hours and it provides discreet on-demand bolus dosing at mealtimes. It is the only basal-bolus insulin delivery device on the market specifically designed keeping in mind the needs of type 2 diabetes patients. V-Go enables patients to closely mimic the body’s normal physiologic pattern of insulin delivery throughout the day and to manage their diabetes with insulin without the need to plan a daily routine around multiple daily injections.

The company described its finances in the filing as follows:

Our net loss was $49.3 million and $46.4 million for the years ended December 31, 2017 and 2016, respectively, and was $22.5 million and $23.8 million for the six months ended June 30, 2018 and 2017, respectively. Our accumulated deficit as of December 31, 2017 and 2016 was $473.9 million and $424.2 million, respectively, and was $496.5 million and $448.4 million as of June 30, 2018 and 2017, respectively.

Valeritas intends to use the net proceeds from this offering to fund operations, implement sales and marketing initiatives, expand U.S. and global commercial organizations, fund research and development efforts and for general corporate purposes.

Shares of Valeritas recently closed at $1.29, with a $3.50 consensus price target and a 52-week range of $1.19 to $6.79.

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