Paramount Acquisition Corp. (OTC BB: PMQCU.OB) (Paramount) and BioValve Technologies, Inc. (BioValve) have entered into a definitive agreement whereby Paramount will acquire a majority interest in the recently-formed medical technologies subsidiary of BioValve; Valeritas, LLC (Valeritas).
Completion of the said transaction is expected by the end of 2006 following Paramount shareholder approval. After which, Paramount will own approximately 58% of Valeritas, LLC and at closing, Paramount will change its name to Valeritas, Inc. and seek to be listed on Nasdaq.
According to Robert R. Gonnelli, President and Chief Executive Officer of BioValve, and the company's founder:
"Paramount's financial resources will allow us to rapidly expand our manufacturing facilities and grow our marketing and sales capabilities so that we can commercially launch our h-Patch(TM) product in the second half of 2007. We expect to gain momentum as we bring this simple, once-a-day treatment to market and then aggressively build our market share with a highly coordinated sales and marketing campaign.”
A wholly-owned subsidiary of BioValve, Valeritas’ medical technology portfolio is headlined by h-Patch™, a single-use, simple-to-use, daily disposable basal-bolus delivery system for the intensive management of insulin.
Read the full press release.
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