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Biodel to net $9.4M from stock offering

Wed, 08/25/2010 - 7:33am
Mass High Tech: The Journal of New England Technology

Biodel Inc., a diabetes-focused therapeutics firm in Danbury, Conn., has announced a registered direct offering of almost 2.4 million shares of common stock and warrants to buy the same number of shares.

The offering was made to two institutional investors, according to a Biodel news release, and brings about $9.4 million to the company. The deal, expected to close around August 30, called for a cost of $3.93 per unit, with each unit consisting of one common stock share and a warrant to buy one share.

The offering’s co-lead placement agents included Leerink Swann LLC, Wedbush PacGrow Life Sciences and William Blair & Company LLC.

Founded in 2003 by current chief scientific officer Solomon Steiner, Biodel shuffled its executive leadership in March when it appointed Errol De Souza as president and CEO and Charles Sanders as board chairman. The new appointments are intended to help push Biodel to a commercial stage company.

In December, Biodel submitted a new drug application to the U.S. Food and Drug Administration, requesting clearance to market a formulation of recombinant human insulin as a treatment for diabetes.

 

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