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Biodel Reports Third Quarter Fiscal Year 2011 Financial Results
Date:8/4/2011

DANBURY, Conn., Aug. 4, 2011 /PRNewswire/ -- Biodel Inc. (Nasdaq: BIOD) today reported financial results for the third quarter ended June 30, 2011.

Third Quarter Operating Highlights

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

  • completed Phase 1 testing of two new ultra-rapid-acting formulations of recombinant human insulin, or RHI, for subcutaneous injection;
  • supported investigators at Oregon Health and Sciences University who have initiated a Phase 1 study evaluating these formulations for insulin pump administration;
  • selected multiple analog-based candidate formulations for possible clinical development; and
  • extended the cash runway by reducing near-term RHI purchase requirements and raising approximately $30 million in new capital.

  • Dr. Errol De Souza, president and chief executive officer of Biodel, stated:  "We are continuing to develop and evaluate ultra-rapid-acting human insulin and insulin analog formulations and are making good progress in assessing tolerability and activity in a variety of pre-clinical and clinical settings.  We plan to provide details on the pharmacokinetic, pharmacodynamic and injection site tolerability characteristics of the two RHI-based ultra-rapid-acting formulations from the recently completed subcutaneous injection Phase 1 trial and will update the timelines for completion of the insulin pump trial.  In addition, we have taken a number of steps to extend our cash runway including renegotiation of our RHI supply agreement and raising additional capital from previous and new investors.  These initiatives are helping us create a new generation of ultra-rapid-acting insulin product candidates and sustainable long-term value for all shareholders."

    Third Quarter Financial Results

    Biodel reported a net loss of $4.0 million, or $0.12 per sha
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    SOURCE Biodel Inc.
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