Valeritas Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
BRIDGEWATER, N.J., May 31, 2019 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (NASDAQ: VLRX), a medical technology company and maker of V-Go® Wearable Insulin Delivery device, today announced that the Compensation Committee of Valeritas’ Board of Directors granted stock options to purchase an aggregate of 6,430 shares of Valeritas’ common stock to 6 newly-hired employees, with a grant date of May 29, 2019, pursuant to the Valeritas Holdings, Inc. 2018 Inducement Plan that was previously disclosed. The stock options were granted as inducements material to the new employees entering into employment with Valeritas in accordance with NASDAQ Listing Rule 5635(c)(4).
Each of the stock options has an exercise price of $3.90 per share, the closing price of Valeritas’ common stock on May 29, 2019. Each stock option vests over 4 years, with 25% of the original number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee’s employment commencement date, with the remaining amount vesting in equal quarterly installments, subject to the employee’s continued service as an employee of, or other service provider to, Valeritas through the applicable vesting dates.
About Valeritas Holdings, Inc.
Valeritas 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 today specifically designed keeping in mind the needs of type 2 diabetes patients. Headquartered in Bridgewater, New Jersey, Valeritas operates its R&D functions in Marlborough, Massachusetts.
This press release may contain forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Valeritas technologies, business and product development plans and market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue Valeritas’ business and product development plans, Valeritas’ expected cash burn rate and its ability to continue to increase new and total prescription growth, the effects of the reverse stock split on the trading price of Valeritas’ common stock, in both the short and long-term; the inherent uncertainties associated with developing new products or technologies, the ability to continue to commercialize the V-Go® Wearable Insulin Delivery device with limited resources, competition in the industry in which Valeritas operates and overall market conditions. Statements or claims made by third parties regarding the efficacy or functionality of V-Go as compared to other products are statements made by such individual and should not be taken as evidence of clinical trial results supporting such statements or claims. Any forward-looking statements are made as of the date of this press release, and Valeritas assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Valeritas files with the SEC available at www.sec.gov.
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