Navigation Links
Biodel to Amend June 30, 2007 10-Q to Correct Non-Cash Share-Based Compensation Expense
Date:9/19/2007

DANBURY, Conn., Sept. 19 /PRNewswire-FirstCall/ -- Biodel Inc. (Nasdaq: BIOD) today announced that it will amend its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007 to correct the manner in which the Company recorded non-cash share-based compensation expense arising from stock options granted to non-employee directors at the time of the Company's initial public offering. The amendment will increase share-based compensation expense and is solely non-cash in nature.

On May 10, 2007, the Company granted options to purchase an aggregate of 200,000 shares of common stock at an exercise price of $15.00 (which was the price per share to the public in the Company's initial public offering). Pursuant to the terms of the Company's 2005 Non-Employee Directors' Stock Option Plan, all of the options were fully vested on the date of grant. Accordingly, the Company should have recorded non-cash share-based compensation expense of approximately $1.7 million. The Company recorded non- cash share-based compensation expense related to these options as if the options were to vest over a two-year period, as had been the case with earlier option grants to the Company's non-employee directors. Accordingly, in the third quarter of 2007, the Company only recorded approximately $0.1 million of share-based compensation expense related to these options and the Company would have recorded the remaining $1.6 million of previously disclosed unamortized expense ratably over such two-year period.

As a result, the Company will file amended unaudited financial statements to record additional non-cash share-based compensation expense of approximately $1.6 million for the three- and nine-month periods ended June 30, 2007. The effect of this amendment will be to increase the Company's general and administrative expenses and net loss applicable to common stockholders for these periods by $1.6 million from the previously reported amounts. In addition, the Company's net loss per share for the three months ended June 30, 2007 will increase from $(0.21) to $(0.30) and the Company's net loss per share for the nine months ended June 30, 2007 will increase from $(1.31) to $(1.43). This amendment will have no effect on the Company's cash balances or other capital resources.

The Company expects to file an amended Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007 as promptly as practicable.

About Biodel Inc.

Biodel Inc. is a specialty biopharmaceutical Company focused on the development and commercialization of innovative treatments for endocrine disorders, such as diabetes and osteoporosis. Biodel's product candidates are developed by using VIAdel(TM) technology, which reformulates existing FDA- approved peptide drugs. The Company's lead product candidate, VIAject(TM), is a rapid-acting injectable meal-time insulin for use by patients with Type 1 or Type 2 diabetes. VIAject(TM) is currently being tested in two pivotal Phase III clinical trials. Biodel's pipeline also includes VIAtab(TM), a sublingual tablet formulation of insulin in Phase I clinical trials and two osteoporosis product candidates in pre-clinical studies. For further information regarding Biodel, please visit the Company's website.

Safe Harbor

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other then statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward- looking statements. The words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company's forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in the forward-looking statements, including, but not limited to, our ability to secure FDA approval for our product candidates under Section 505(b)(2) of the Federal Food, Drugs and Cosmetic Act; our ability to market, commercialize and achieve market acceptance for product candidates developed using our VIAdel(TM) technology; the progress or success of our research, development and clinical programs, the initiation and completion of our clinical trials, the timing of the interim analyses and the timing or success of our product candidates, particularly VIAject(TM) and VIAtab(TM); our ability to secure patents for VIAject(TM) and our other product candidates; our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; our estimates of future performance; our ability to enter into collaboration arrangements for the commercialization of our product candidates and the success or failure of those collaborations after consummation, if consummated; the rate and degree of market acceptance and clinical utility of our products; our commercialization, marketing and manufacturing capabilities and strategy; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; and other factors identified in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. The Company disclaims any obligation to update any forward-looking statements as a result of events occurring after the date of this press release.

BIOD-G


'/>"/>
SOURCE Biodel Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Amendment on cloning ban rejected; vote on bill set for Wednesday
2. New BL21-CodonPlus Cells Correct Codon Bias in GC-Rich Genomes
3. Multichannel Pipetting: How to Choose the Correct Pipettor
4. Mental research at UW-Madison could correct disabilities
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/22/2016)... Research and Markets has announced the addition of the ... The global biomarkers market has ... The market is expected to grow at a five-year compound annual ... $50.6 billion in 2015 to $96.6 billion in 2020. ... to 2020) are discussed. As well, new products approved in 2013 ...
(Date:6/22/2016)... LOS ANGELES , June 22, 2016   ... an SNNLive Video Interview with Dr. Nader Pourhassan ... a biotechnology company focused on the clinical development and ... and prevention of HIV infection, according to the company,s ... was recorded on Tuesday, June 7 th , 2016, ...
(Date:6/22/2016)... DIEGO , June 22, 2016   ViaCyte, ... first pluripotent stem cell-derived islet replacement therapy for the ... presentations at ISSCR 2016 Annual Meeting.  ISSCR 2016, the ... to 25th at Moscone West in San Francisco.  ... of the presentations are as follows:Event: , Focus Session: ...
(Date:6/22/2016)... (PRWEB) , ... June 22, 2016 , ... ... at placing a spotlight on immigrant achievements and contributions to North Texas and ... most important contributors from the immigrant community to the civic and economic vitality ...
Breaking Biology Technology:
(Date:6/16/2016)... June 16, 2016 The ... expected to reach USD 1.83 billion by 2024, ... Research, Inc. Technological proliferation and increasing demand in ... expected to drive the market growth. ... The development of advanced multimodal techniques for ...
(Date:6/3/2016)... LONDON , June 3, 2016 /PRNewswire/ ... Transport Management) von Nepal ... ,Angebot und Lieferung hochsicherer geprägter Kennzeichen, einschließlich ... weltweit führend in der Produktion und Implementierung ... an der Ausschreibung im Januar teilgenommen, aber ...
(Date:5/24/2016)... Ampronix facilitates superior patient care by providing unparalleled technology to leaders of the medical ... premium product recently added to the range of products distributed by Ampronix. ... ... ... Ampronix News ...
Breaking Biology News(10 mins):