Worcester Business Journal

wbjournal.com | January 23, 2017 | Worcester Business Journal 17 Join the Worcester Business Journal for a NEW YEAR'S NETWORKING PARTY and AWARDS CELEBRATION! Register today and don't miss this opportunity to mix and mingle with the region's Best Of Business! Start the New Year off with BOB! The Best Of Business Awards event that is! Thursday, January 26, 2017 The Beechwood Hotel, Worcester • 4:30 - 7:30PM Cost: $35 • Pre-registration is required. www.wbjournal.com/BOBawards Presenting Sponsor Supporting Sponsor Awards W o r ce s t e r B us i n e s s J o u r n a l 2017 B E S T O F B U S I N E S S W o r ce s t e r B us i n e s s J o u r n a l T wo decades ago, Kevin O'Sullivan worked with a small biotech company named Valeritas in his Worcester incubator Massachusetts Biomedical Initiatives on what felt like groundbreaking technolo- gy at a time – a wearable insulin-dis- pensing device for Type 2 diabetes. Like so many other of the incubees that have passed though MBI, O'Sullivan knew its success depended on much more than a good idea. "You've got to have the staying power and the science to make it work." said O'Sullivan. Today, Valeritas has moved its head- quarters to Bridgewater, N.J. but does the bulk of its research and develop- ment in its manufacturing facility on Route 9 in Shrewsbury. The company completed a $25-million public offering in the last year to raise money for mar- keting its insulin device and hired a new chief financial officer to help run the operation in Shrewsbury, who envisions the device becoming the standard of care in the mar- ketplace. This is a "great opportunity to help bring a product to a broader market," said Eric Lucera, the new Valeritas CFO. "I spent about 15 years as an investor in biotech and med; and when I looked at this compa- ny, I thought it would be a great invest- ment." Avoiding needle pricks Valeritas signature product, V-Go, is the only U.S. Food & Drug Administration approved medical device that allows wearers to receive the consis- tent dose of insulin they need, as well as an on-demand insulin for post-meals. As a device they can wear under their clothes, the V-Go is designed to be discreet and provide regulated doses for diabetes patients who forget to take their insulin, said Lucera, while reliev- ing them of the psychological burden of sticking themselves with needles several times per day. "Why would you want to use all those needles? You put it [V-Go] on during the day and take it off at night," Lucera said. From 2010 to 2012 alone, the number of Americans with diabetes grew from 25.8 to 29.1 million, impacting 9.3 per- cent of the U.S. population, according to the American Diabetes Association. A critical eye Prior to joining Valeritas, Lucera worked in biotechnology investments at Cambridge anti-cancer firm Viventia Bio, the Kansas pet treatment firm Aratana Therapeutics, and at the cor- porate development of Minnesota heart research firm Sunshine Heart. By marrying his former career expe- riences as an investor with the new CFO role, Lucera said he can help Valeritas grow its market share by understanding what drives the market. When you are an investor, "you are not the writer or the creator, you are the critic. Thumbs up or thumbs down," Lucera said. As a CFO, "you find ways to improve people's health based on the information that you have." Lucera's main goal as CFO to make the V-Go the standard of care. By reaching out to a broader market, Lucera hopes to make the V-Go the go- to-product for Type 2 diabetes with widespread brand name recognition. A successful graduate Although Valeritas left the MBI years ago, O'Sullivan is proud of its success. MBI incubees may have had great ideas, but often they can lack the money, timing and good luck to make it through, O'Sullivan said. With Valeritas pushing its reach into the marketplace, that company can be a model to follow, he said. "When I drive by on Route 9, I smile," O'Sullivan said. Growing market share Twenty years after its product started off as a Worcester incubator idea, a New Jersey company is looking to a new CFO in Shrewsbury to reach new heights BY SLOANE M. PERRON Special to the Worcester Business Journal Kevin O'Sullivan, president & CEO, Massachusetts Biomedical Initiatives W "I spent about 15 years as an investor in biotech and med; and when I looked at this company, I thought it would be a great investment." Eric Lucera, Valeritas CFO

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