DANBURY, Conn., Feb. 8, 2012 /PRNewswire/ -- Biodel Inc. (Nasdaq: BIOD) today reported financial results for the first quarter ended December 31, 2011.
Dr. Errol De Souza, president and chief executive officer of Biodel, stated: “Based on our work last quarter, we have advanced our new ultra-rapid-acting recombinant human insulin candidates into the clinic this quarter and anticipate topline results in the second calendar quarter of 2012. Furthermore, we are pleased that the European Medicines Agency’s Committee for Orphan Medicinal Products recommended that our stabilized glucagon for the treatment of congenital hyperinsulinism be granted Orphan Medicinal Product Designation. Our judicious utilization of resources has allowed us to make advances on multiple fronts while preserving our cash runway to the middle of 2013.”
First Quarter Financial Results
Biodel reported a net loss for the three months ended December 31, 2011 of $4.5 million, or $0.12 per share, compared to a net loss of $5.3 million, or $0.20 per share, for the same period in the prior year.
Research and development expenses were $2.4 million for the three months ended December 31, 2011, compared to $5.5 million for the same period in the prior year. The decrease in research and development expenses was primarily due to the following: we purchased $2.4 million of recombinant human insulin active pharmaceutical ingredient in the quarter ended December 31, 2010, versus no purchases in the quarter ended December 31, 2011 as a result of renegotiating a supply agreement; we incurred a one-time $1.4 million severance charge in the quarter ended December 31, 2010, which did not recur in the quarter ended December 31, 2011. The three months ended December 31, 2010 also included a one-time grant of $1.2 million under the Internal Revenue Service’s therapeutic discovery tax credit program. For the three months ended December 31, 2011, personnel expenses declined by $0.4 million as a result of the reduction in force implemented in January 2011.
General and administrative expenses were $2.0 million for the three months ended December 31, 2011, compared to $2.6 million for the same period in the prior year. The decrease in general and administrative expenses was primarily attributable to lower stock-based compensation costs.
Expenses for the three months ended December 31, 2011 and 2010 included costs of $0.8 million and $1.4 million, respectively, 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 December 31, 2011 or 2010.
At December 31, 2011, Biodel had cash and cash equivalents of $35.1 million and 38.7 million shares outstanding.
Conference Call and Webcast Information
Biodel’s senior management will host a conference call on February 8, 2012 beginning at 4:30 pm Eastern Time to discuss these results and provide a company update. Live audio of the conference call will be available to investors, members of the news media and the general public by dialing +1 (877) 303-8028 (United States) or +1 (760) 536-5167 (international). To access the call by live audio webcast, please log on to the investor section of the company’s website at www.biodel.com. An archived version of the audio webcast will be available on Biodel’s website.
About Biodel Inc.
Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for diabetes that may be safer, more effective and more convenient for patients. We develop our product candidates by applying our proprietary formulation technologies to existing drugs in order to improve their therapeutic profiles. For further information regarding Biodel, please visit the company’s website at www.biodel.com.
