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Biodel Reports Third Quarter Fiscal Year 2012 Financial Results

Stocks in this article: BIOD

DANBURY, Conn., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Biodel Inc. (Nasdaq:BIOD) today reported financial results for the third fiscal quarter ended June 30, 2012.

Highlights since beginning of third fiscal quarter

  • Completion of $18.5 million financing with institutional investors.
  • Obtained exclusive license to Aegis Therapeutics' technologies for development and commercialization of glucagon pharmaceutical formulations.
  • Liquid formulation of glucagon for the treatment of severe hypoglycemia remains on track for projected NDA submission in early 2014.
  • Presented positive Phase 1 clinical data at the American Diabetes Association 72 nd Scientific Sessions for lead recombinant human insulin-based ultra-rapid-acting candidates BIOD-123 and BIOD-125; BIOD-123 on track for advancement into Phase 2 clinical trial this quarter with top line data projected for third calendar quarter of 2013.
  • Analog-based ultra-rapid-acting insulin remains on target for top line Phase 1 data in first calendar quarter of 2013.
  • Awarded NIH grant of $582,473 to develop concentrated ultra-rapid-acting insulin formulations for use in artificial pancreas.
  • Regained compliance with NASDAQ minimum bid price listing requirement.

Dr. Errol De Souza, president and chief executive officer of Biodel, stated: "We have continued to build on our momentum by achieving milestones that keep us on track to generate top line Phase 1 data for our analog-based ultra-rapid-acting insulin in the first calendar quarter of 2013, generate top line Phase 2 safety and efficacy data for BIOD-123 in the third calendar quarter of 2013 and submit an NDA for a liquid formulation of glucagon for the treatment of severe hypoglycemia in early 2014. The recent financing extends our runway and enables us to reach all of these value building milestones without the need for additional financing."

Third Quarter Financial Results

Biodel reported a net loss for the three months ended June 30, 2012 of $6.1 million, or $0.52 per share, compared to a net loss of $4.0 million, or $0.48 per share, for the same period in the prior year.

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