DANBURY, Conn., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Biodel Inc. (Nasdaq:BIOD) today reported financial results for the first fiscal quarter ended December 31, 2012.
Highlights since first fiscal quarter:
- Reported positive top line data from Phase 1 clinical trial of two Humalog ®-based ultra-rapid-acting formulations, BIOD-238 and BIOD-250.
- Phase 2 clinical trial of BIOD-123, an ultra-rapid-acting formulation of recombinant human insulin (RHI), enrolling according to schedule; top line data expected in the third calendar quarter of 2013.
Dr. Errol De Souza, president and chief executive officer of Biodel, stated: "We are pleased to have demonstrated that we can produce an insulin analog-based formulation with an ultra-rapid-acting absorption profile similar to what we've observed with our RHI-based formulations. Equally important is replicating our achievement of improved absorption in a formulation with injection site tolerability similar to that of Humalog ®. Demonstrating the broad utility of our technology across a number of different insulin molecules has expanded our strategic options as we look ahead to the Phase 2 data for BIOD-123."First Quarter Financial Results Biodel reported a net loss for the three months ended December 31, 2012 of $3.7 million, or $0.26 per share, compared to a net loss of $4.5 million, or $0.47 per share, for the same period in the prior year. Research and development expenses, net of $196 thousand of grant revenue, were $4.5 million for the three months ended December 31, 2012, compared to $2.4 million for the same period in the prior year. The increase in research and development expenses was primarily attributable to ongoing clinical trials. General and administrative expenses were $1.4 million for the three months ended December 31, 2012, compared to $2.0 million for the same period in the prior year. The decrease in general and administrative expenses was primarily attributable to a decrease in stock based compensation expense.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV