Valeritas Signs Exclusive Middle East Distribution Agreement with Julphar
- V-Go distribution deals now span 14 countries and territories -
BRIDGEWATER, N.J., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (NASDAQ: VLRX), a medical technology company, has signed an exclusive distribution agreement with Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, for the commercialization of its V-Go Wearable Insulin Delivery device in the GCC (Gulf Cooperation Council).
V-Go® Wearable Insulin Delivery device is a simple, all-in-one, wearable insulin delivery option for adult patients with diabetes. Under the terms of the agreement, Julphar will have the rights to promote, market, and sell V-Go to diabetes clinics and patients in the GCC.
“Diabetes is now a worldwide epidemic. Currently, 425 million people suffer with diabetes, and that number is expected to grow to 629 million,” said John Timberlake, CEO and President of Valeritas. “For many patients with diabetes around the world, being able to adhere to a daily insulin routine of multiple injections using insulin pens and syringes is a significant challenge.”
Timberlake continued, “Studies have consistently demonstrated that patients who switched from injection therapy to the wearable V-Go significantly lowered blood glucose and used less insulin. V-Go is discreet, simple-to-use, cost-effective, clinically proven, and the only disposable, daily insulin delivery option available today. We are excited to partner with Julphar and with the prospect of making V-Go available to diabetes patients in the GCC.”
With today’s announcement, Valeritas now has V-Go distribution agreements in place covering 14 countries and territories. In addition to the six Middle East countries announced today, executed distribution agreements include Australia, Austria, the Czech Republic, Germany, Italy, Puerto Rico, Slovenia, and New Zealand. Separately, Valeritas recently announced it has started the process to gain regulatory approval for V-Go in China.
Jerome Carle, General Manager of Julphar, said, “The prevalence of diabetes in the GCC is among the highest in the world, and it is growing at an astonishing rate. As a leader in the manufacture of insulin, Julphar has a responsibility to not only raise awareness of the risk factors, but to provide effective solutions.”
Mr. Carle continued, “We are always exploring new, innovative, and affordable options such as mobile tech, wearables, and other tools, so partnering with Valeritas to bring the wearable V-Go to the region made perfect sense. This easy to use, wearable device will help empower diabetes sufferers to take control of their condition and manage their own day-to-day care.”
Valeritas will retain responsibility for product development, regulatory approval, quality management, and manufacturing while Julphar will be responsible for sales, marketing, customer support, and distribution activities in the region.
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 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.
About Julphar Gulf Pharmaceutical Industries
Julphar is one of the largest pharmaceutical manufacturers in the Middle East and Africa and for almost four decades, the company has been delivering high quality, innovative and affordable healthcare solutions to families across the globe. Established under the guidance of His Highness Sheikh Saqr Bin Mohammed Al Qasimi in 1980, Julphar employs more than 5,000 people and distributes pharmaceutical products to more than 50 countries on five continents.
Julphar’s business is centered on three core business units - Julphar Diabetes Solutions, General Medicines and its consumer division, Julphar Life - which target major therapeutic segments including Gastrology, Pain Management, Wound Care, Antibiotics and Cardio-metabolism.
Julphar has 16 internationally accredited facilities in Africa, Middle East and Asia that produce more than a million boxes of medicines a day. In 2012, Julphar became one of the largest producers of insulin in the world.
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, the inherent uncertainties associated with developing new products or technologies, the ability 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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