Valeritas Holdings, Inc. announced effective as of closing of the Asset Sale, Katherine Crothall, Ph.D., Joseph Mandato, D.M., Brian Roberts and John E. Timberlake resigned as members of the Company's board of directors (the “Board”), with Peter Devlin continuing as the sole director of the Board. In addition, effective as of closing, the following officers were terminated from their roles with the Company, in order to accept an offer of employment with Zealand: (i) Melanie Hansen, Interim Corporate Controller and principal accounting officer and (ii) Matthew Nguyen, Chief Commercial Officer. John E. Timberlake, Chief Executive Officer, principal executive officer and principal financial officer, and Geoffrey Jenkins, Executive Vice President, Manufacturing Operations and R&D, were terminated from their roles with the Company, effective as of the first business day following closing.

In connection with closing, the Board appointed Mr. Devlin as President of the Company and its subsidiaries. Mr. Devlin will serve as the Company's President, principal executive officer, principal financial officer and principal accounting officer in order to oversee the orderly wind down of the Company's operations.