CRANBURY, N.J.--(BUSINESS WIRE)--Feb. 7, 2006--Valera Pharmaceuticals, Inc. (NASDAQ:VLRX) today announced the closing of its initial public offering of 3,750,000 shares of common stock at $9.00 per share. Concurrent with the closing, Banc of America partially exercised its over-allotment option and purchased an additional 112,500 shares. The resulting total of 3,862,500 shares of common stock issued by Valera in its initial public offering generated gross proceeds of approximately $34.8 million. Total net proceeds to the Company are expected to be approximately $30.3 million after underwriting commissions and legal, auditing and printer fees, as well as other miscellaneous expenses associated with the offering.
