RAMSEY, N.J., Sept. 25 /PRNewswire/ -- Valeritas, LLC -- a wholly-owned subsidiary of life sciences innovator BioValve Technologies, Inc. with a focus on developing and commercializing medical technologies for the treatment of diabetes and other acute and chronic diseases -- announced today that it will present at the 2006 UBS Global Life Sciences Conference on Thursday, September 28, 2006.
Robert R. Gonnelli, President and Chief Executive Officer of Valeritas, and the company's founder, will present at 8:30 a.m. EDT.
About BioValve and Valeritas, LLC
Founded in 1998, BioValve Technologies, Inc. is an innovator in life sciences focused on the development and commercialization of selected pharmaceutical assets and several proprietary medical technologies. Valeritas, LLC, a wholly-owned subsidiary of BioValve, was recently formed through BioValve's contribution of medical technology assets to Valeritas, and Valeritas' assumption of liabilities related to those assets. Valeritas' medical technology portfolio includes h-Patch(TM), and e-Patch (TM) Controlled Release Disposable Micro Pump System, Mini-Ject (TM) Pre-Filled Needle Free Delivery System and the Micro-Trans (TM) Microneedle Transdermal Delivery Patch. These technologies, when combined with certain compounds, are designed to provide unique products that allow precise dosing in previously difficult to treat conditions. Valeritas' medical technologies portfolio is headlined by h-Patch(TM), a single-use, daily disposable basal-bolus delivery system providing intensive insulin management for patients who would benefit from more rigorous therapy throughout the day. Headquartered in Ramsey, NJ, Valeritas operates its R&D and clinical manufacturing from BioValve's facilities in Westborough, MA. Valeritas is currently in negotiations to lease space in Shrewsbury, MA to develop a state-of-the-art manufacturing and R&D facility.
BioValve and Valeritas have entered into a definitive agreement with Paramount Acquisition Corp. whereby Paramount will acquire a majority interest in Valeritas. Upon completion of the transaction following Paramount stockholder approval and the satisfaction of customary closing conditions, Paramount will own approximately 58% of Valeritas, LLC. At closing, Paramount will change its name to Valeritas, Inc. and seek to be listed on Nasdaq.
About Paramount Acquisition Corp.
Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW) is a Special Purpose Acquisition Company(TM) that was formed for the specific purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with an operating business in the healthcare industry. Paramount raised net proceeds of approximately $53 million through its initial public offering consummated in October 2005 and exercise of the over-allotment option, and has dedicated its attention since the offering to seeking and evaluating business combination opportunities.
Paramount Acquisition Corp. is an affiliate of Paramount BioSciences, LLC, that focuses on the development of promising in-licensed drug candidates. Founded in 1991 by Lindsay A. Rosenwald, M.D., Paramount is a unique drug development company that, with the assistance of its affiliated life sciences merchant bank, has created approximately 40 start-up companies over the past fifteen years. Since its inception, Paramount and its affiliated companies have been involved in the clinical development of more than sixty drug candidates -- several of which have reached the market -- and have over forty compounds in clinical development today. Paramount has extensive experience in all facets of the development of emerging life sciences companies and provides its portfolio companies a wide range of professional and financial support services.
SOURCE Valeritas, LLC