DANBURY, Conn., Dec. 11 /PRNewswire-FirstCall/ -- Biodel Inc. (Nasdaq: BIOD) today reported fourth quarter and fiscal year ended September 30, 2007 financial results, updated pipeline progress and disclosed 2008 objectives.
"In 2007, our first year as a public company, we advanced our pipeline and achieved critical corporate objectives," stated Dr. Solomon Steiner, CEO and Chairman of Biodel. "The significant milestones reached include our successful initial public offering, the issuance of Patent No. 7,279,457 encompassing VIAject(TM) and VIAtab(TM), the expansion of the pivotal VIAject(TM) trials into Europe and Asia, and the presentation of additional positive clinical data from our VIAject(TM) program. We look forward to completing the Phase III VIAject(TM) clinical trials and expect to file a New Drug Application for VIAject(TM) by calendar year end 2008."
Fourth Quarter and Full Year Financial Results
Biodel reported a net loss for the fourth quarter ended September 30, 2007 of $8.4 million, or $0.42 per share, as compared to a net loss of $3.9 million, or $0.36 per share, for the comparable period in the prior year. The fourth quarter 2007 net loss includes $0.6 million of non-cash stock-based compensation expenses.
Net loss applicable to common stockholders for the year ended September 30, 2007 was $27.0 million, or $1.76 per share, as compared to $8.7 million, or $1.05 per share for the year ended September 30, 2006. The net loss includes non-cash charges of $4.2 million, or $0.21 per share, of stock-based compensation and $4.5 million, or $0.22 per share from a deemed dividend charge related to the exercise of warrants at a discounted exercise price.
Biodel reported no revenue during the three months and years ended September 30, 2007 and September 30, 2006.
Research and development expenses were $7.1 million for the three
months ended September 30, 2007, compared to $2.3 million for the same
period in the p
|SOURCE Biodel Inc.|
Copyright©2007 PR Newswire.
All rights reserved