-- John Timberlake Named as Interim CEO --
BRIDGEWATER, New Jersey, February 25, 2016 – Valeritas, Inc. announced today changes to its executive team this week. John Timberlake has been named the company’s new Interim Chief Executive Officer. Former CEO Kris Peterson is leaving Valeritas to pursue other opportunities and will continue to consult with the company.
Valeritas also announced today changes in its Board of Directors. Luke Duster, Managing Director of CRG, will join the board along with Nate Hukill, President of CRG, Cameron Hui, Associate of CRG, and John Timberlake.
“We would like to thank Kris for her many contributions to Valeritas over the past seven years,” said Mr. Duster. “We also welcome John Timberlake to the helm, with full confidence that he will shepherd the company with great success through the next stage of its evolution.”
John is a pharmaceutical industry veteran with 25 years of pharmaceutical and medical device experience, and 16 of those years in metabolism and diabetes. He joined Valeritas in 2006 and served in executive positions including most recently as President and Chief Commercial Officer. Prior to Valeritas, John was Vice President of Marketing at Sanofi where he was responsible for the diabetes products on the market in the U.S. and was a key member of the metabolism global commercialization committee.
A Certified Public Accountant (CPA) and a Certified Management Accountant (CMA), John began his career with Deloitte where he was an Audit Manager. He holds a Master’s of Science in Management from Purdue University, Krannert School of Management, and a Masters of Business Administration from ESC Rouen (now NEOMA Business School). He earned his Bachelor’s Degree in accounting from Northwest Missouri State University.
“I’m excited to be leading Valeritas at this important juncture and look forward to guiding the company in the next chapter of its already impressive history. V-Go® has made a tremendous and positive difference in the lives of thousands of patients with Type 2 diabetes. We have repeatedly seen in a stream of real-world clinical data that V-Go helps reduce A1C with less insulin at a lower cost. I look forward to expanding Valeritas’ ability to help many more patients enjoy such benefits,” said Mr. Timberlake.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm that delivers pioneering growth capital financing solutions to the global healthcare industry. With over $2 billion of assets under management across 40 healthcare investments, CRG provides growth capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of healthcare products, technologies and services and targets investment sizes ranging between $20 million and $300 million. The firm partners with innovative, commercial-stage healthcare companies that address large, unmet medical needs who are seeking flexible financing solutions with a committed, value-add partner to achieve their growth objectives. CRG is headquartered in Houston, Texas with offices in Boulder, Colorado and New York, New York. Please visit us at www.crglp.com.
About Valeritas, Inc.
Valeritas is a commercial-stage medical technology company focused on developing innovative technologies to improve the health and quality of life of people with Type 2 diabetes. Valeritas' flagship product, the V-Go® Disposable Insulin Delivery device, is a simple, wearable, basal-bolus insulin delivery solution for patients with Type 2 diabetes that enables patients to administer a continuous preset basal rate infusion of insulin over 24 hours. It also provides on-demand bolus dosing at mealtimes. It is the only basal-bolus insulin delivery system 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 a state-of-the-art facility in Shrewsbury, Massachusetts. For more information, please visit www.valeritas.com.