CRANBURY, NJ -- (MARKET WIRE) -- November 06, 2006 -- Valera Pharmaceuticals, Inc. (NASDAQ: VLRX) today announced it has finalized all administrative arrangements with Johns Hopkins necessary to begin clinical studies for VP004, a subcutaneous implant utilizing Valera’s Hydron technology to deliver naltrexone, over an extended period of time, for the treatment of opioid addiction.