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Biodel Inc. Announces Pricing of Public Offering
Date:2/7/2008

DANBURY, Conn., Feb. 7 /PRNewswire-FirstCall/ -- Biodel Inc. (Nasdaq: BIOD) today announced the pricing of the underwritten public offering of 3,810,000 shares of its common stock at a price to the public of $15.50 per share. Of the shares being sold in the offering, 3,260,000 shares are being issued and sold by Biodel and 550,000 shares are being sold by certain stockholders of the Company. Biodel expects to receive net proceeds from the offering of approximately $46.4 million, after deducting underwriting discounts and commissions, and estimated offering expenses. Biodel will not receive any proceeds from the sale of shares by the selling stockholders.

In addition, the selling stockholders have granted the underwriters a 30 day option to purchase up to an additional 571,500 shares of common stock to cover over-allotments, if any.

Morgan Stanley & Co. Incorporated is acting as the sole book-runner manager and J.P. Morgan Securities Inc. is acting as co-lead manager for this offering. Leerink Swann LLC and Natixis Bleichroeder Inc. are acting as co-managers.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. An offer will be made only by means of a prospectus. A final prospectus relating to the offering may be obtained from the Morgan Stanley & Co. Incorporated prospectus department, 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, by telephone at 866-718-1649 or by emailing prospectus@morganstanley.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for endocrine disorders such as diabetes and osteoporosis.


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