Medical technology company Valeritas (NASDAQ:VLRX) has today announced that it is to release its V-Go wearable insulin delivery device in Australia and New Zealand. Stocks in the firm have skyrocketed 96.3% on the news, making it the highest gaining U.S. stock by percentage today, according to Yahoo Finance.
The V-Go device is Valertias’ flagship technology for patients with type-2 diabetes. Designed as a wearable and discrete patch that is applied to the skin, the V-Go can be filled in the morning with a dose of insulin and then placed somewhere on the skin such as the back of the arms or on the stomach. Once there, it can deliver a steady stream of insulin throughout the day, as well as on-demand dosing at the click of a button, such as at mealtimes. This is useful for people who live with type-2 diabetes, who often will have to inject themselves with insulin multiple times per day. In addition, carrying around an insulin pump or multiple syringes can prove awkward.
With the approval of V-Go in Australia and New Zealand, a large market has opened up to Valeritas. According to Roy Morgan 2015 statistics, about 90% of the 1.1 million diabetes sufferers in Australia have type-2 diabetes. Meanwhile, around 250,000 New Zealanders suffered from the disease as of 2015; a number which more than doubled from ten years prior. Again, type-2 diabetes accounted for the majority of this. In simple terms, there are a lot of patients who might be interested in the ease-of-use that the V-Go product affords.
Richard Plowright, Managing Director of AMSL and NZMS said: “Adding V-Go to our portfolio is a significant step towards addressing the needs of Australian and New Zealand patients with type 2 diabetes who want simple and effective insulin management that doesn’t interfere with their way of life.”
Stocks in Valeritas are currently valued at $2.43 USD, bringing the firm’s market cap to $18.8 million. Today’s boost has reversed the firm’s stock price out of a six-month low.
Valeritas is a commercial-stage medical technology firm focused on the development of diabetes medication. The V-Go is the company’s first commercialized product. In addition, Valeritas intends to release two additional products to its V-Go range; the V-Go SIM and the V-Go PreFill. The V-Go SIM will allow patients to monitor dosing via links between the V-Go and a mobile device, while the V-Go PreFill will come with a pre-filled insulin cartridge, eliminating the filling process.
Featured image: Valeritas