Valeritas Secures $50 Million

Valeritas Inc., a Parsippany, N.J.-based developer of drug delivery systems for the diabetes market , has secured $50 million of an $87 million round. The called amount includes the conversion of convertible debt and “non-cash considerations.” Shareholders include Abingworth Management, Advanced Technology Ventures, Biovalve Technologies, HLM Venture Partners, MPM Capital, Onset Ventures, Pitango Venture Capital and U.S. Venture Partners.

Valeritas is a unit of VC-backed Biovalve, which in 2006 agreed to go public via a reverse merger that was ultimately scrapped.