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Biodel Reports Fourth Quarter Fiscal Year 2011 Financial Results
Date:12/6/2011

DANBURY, Conn., Dec. 6, 2011 /PRNewswire/ -- Biodel Inc. (Nasdaq: BIOD) today reported financial results for the fourth quarter ended September 30, 2011.

Fourth Quarter Operating Highlights

During Biodel's fourth quarter of fiscal year 2011, the company:

  • Selected a new lead candidate formulation of ultra-rapid-acting recombinant human insulin, or RHI, for a Phase 1 clinical trial;
  • Extended an agreement with a pharmaceutical company for the supply of an insulin analog as the active pharmaceutical ingredient, or API, to be used in the clinical development of ultra-rapid-acting insulin candidates;
  • Continued pipeline development with advances in liquid stabilized glucagon program; and
  • Conserved cash by instituting cost cutting measures to maintain cash runway through the second calendar quarter of 2013.

  • Dr. Errol De Souza, president and chief executive officer of Biodel, stated:  "The focus and execution of our team has allowed us to rapidly advance a new ultra-rapid-acting recombinant human insulin formulation, which will be in the clinic next quarter. Furthermore, we are encouraged by having secured insulin analog supply for our clinical program.   The goal of the new formulations is to mimic the pharmacokinetic and pharmacodynamic profiles seen in Linjeta™ while improving tolerability.  Continued focus and prudent use of resources will allow us to develop a new generation of ultra-rapid-acting insulin product candidates, leverage other promising candidates in our pipeline and build value for shareholders."

    Fourth Quarter Financial Results

    Biodel reported a net profit of $4.1 million, or basic earnings per share of $0.11 or a diluted earnings per share of $0.10, which includes an $8.7 million decrease in warrant liability for the quarter ended September 30, 2011, compared to a net lo
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    SOURCE Biodel Inc.
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