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Biodel Inc. Reports Second Quarter Fiscal Year 2008 Financial Results
Date:5/9/2008

nsation expenses.

Research and development expenses were $14.7 million for the six months ended March 31, 2008, compared to $6.3 million for the comparable period in the prior year. The increase in expenses was primarily due to a $5.9 million increase related to the pivotal Phase III clinical trial program evaluating VIAject(TM), a $0.6 million increase related to the scale-up and manufacture of commercial batches of VIAject(TM) to support the Company's clinical trials and regulatory submissions, and $0.6 million in personnel-related expenses.

General and administrative expenses totaled $7.7 million for the six months ended March 31, 2008, compared to $2.8 million for the comparable period in the prior year. The increase was primarily attributable to $3.5 million in personnel-related expenses, which includes $1.6 million in stock-based compensation expenses, and $0.6 million in stock-based compensation and salary and benefits continuation charges related to the severance agreement with the Company's former chief financial officer. The stock-based compensation expense includes $0.7 million of stock-based compensation charges for options awarded annually to the board of directors and options awarded to a newly appointed board member and $0.4 million in stock-based compensation income for non-employee options that were revalued to reflect a lower stock price. The Company periodically revalues the fair value of options awarded to non-employees. In periods in which the Company experiences a decline in the price of its stock, the Company will periodically record income as these options are revalued to reflect the lower stock price. The balance of the increase was due to increases in accounting, legal and consulting fees associated with the preparation to become and operate as a public company.

At the end of the second quarter 2008, Biodel had cash and cash equivalents of $107.9 million, short-term marketable securities of $3.8 million and 23.6 million
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SOURCE Biodel Inc.
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