DANBURY, Conn., May 5, 2011 /PRNewswire/ -- Biodel Inc. (Nasdaq: BIOD) today reported financial results for the quarter ended March 31, 2011.
Second Quarter Fiscal Year 2011 Financial Results
Biodel reported a net loss for the three months ended March 31, 2011 of $5.4 million, or $0.21 per share, compared to a net loss of $10.4 million, or $0.44 per share, for the same period in the prior year.
Research and development expenses were $2.9 million for the three months ended March 31, 2011, compared to $7.0 million for the same period in the prior year. The decrease of $4.1 million in expenses was primarily attributed to non-recurring events that occurred in the previous fiscal year including the conclusion of the Linjeta™ Phase 3 extension trials in February 2010 at a cost of $2.1 million; recombinant human insulin purchased at a cost of $1 million; professional fees of $0.7 million related to the 120 day safety report filing of Linjeta™ and follow-on questions from the FDA, and pen development costs of $0.4 million.
General and administrative expenses totaled $2.3 million for the three months ended March 31, 2011, compared to $3.4 million for the same period in the prior year. The decrease in general and administrative expenses was attributable to a decrease in personnel costs of $0.7 million as a result of lower headcount from 2010, and savings of $0.4 million in professional fees due to cost cutting measures.
Expenses for the three months ended March 31, 2011 and 2010 included $2.6 million in stock-based compensation expense related to options granted to employees and non-employee directors.
Biodel did not recognize any revenue during the three months ended March 31, 2011 or 2010.
At March 31, 2011, Biodel had cash and cash equivalents of $17.6 million and 26.5 million shares outstanding.
|SOURCE Biodel Inc.|
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