Biodel to Raise $9.4 Million Through Registered Direc... ( DANBURY Conn. Aug. 25 /- Biodel Inc. ...)

Biodel to Raise $9.4 Million Through Registered Direct Offering

Date:8/25/2010

DANBURY, Conn., Aug. 25 /PRNewswire-FirstCall/ -- Biodel Inc. (Nasdaq: BIOD) today announced that it has entered into definitive agreements with two institutional investors to sell 2,398,200 shares of its common stock and warrants to purchase 2,398,200 shares of its common stock. The common stock and warrants are being sold as units, with each unit consisting of one share of common stock and a warrant to purchase one share of common stock.

The investors have agreed to purchase the units for a negotiated price of $3.93 per unit, resulting in gross proceeds to Biodel, before deducting placement agents' fees and estimated offering expenses, of approximately $9.4 million. The offering is expected to close on or about August 30, 2010, subject to customary closing conditions. Wedbush PacGrow Life Sciences, Leerink Swann LLC and William Blair & Company, L.L.C. acted as co-lead placement agents for the offering.

The initial per share exercise price of the warrants is $4.716. On the 21st trading day following the PDUFA date relating to the new drug application for Biodel's product candidate, VIAject®, the exercise price will be adjusted to 90% of the arithmetic average of the volume weighted average price of Biodel's common stock on each of the ten trading days prior to the 21st day following the PDUFA date. In no event will the exercise price be greater than the initial per share exercise price of the warrants. The warrants will be exercisable beginning on the original date of issuance and will expire on the date that is 12 months after the 21st day following the PDUFA date. Biodel expects the PDUFA date to be October 30, 2010.

The securities described above are being offered by Biodel pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Excha
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SOURCE Biodel Inc.
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