Biodel Inc. Announces Completion of Public Offering
May 17, 2007
DANBURY, Conn. /PRNewswire-FirstCall/ -– Biodel Inc. (Nasdaq: BIOD )
today announced it has completed its initial public offering. Biodel
sold a total of 5,750,000 shares of its common stock, which included
750,000 shares sold upon the exercise by the underwriters of an
over-allotment option, at a price to the public of $15.00 per share.
The offering resulted in gross proceeds to Biodel of $86,250,000
and, after underwriting discounts, net proceeds of $80,212,500.
Morgan Stanley & Co. Incorporated acted as the sole book-runner and
lead manager in the offering, Banc of America Securities LLC as
co-lead manager, and Leerink Swann & Co., Inc. and Natexis
Bleichroeder Inc. as co-managers in the offering.
Biodel is a specialty pharmaceutical company focused on the
development and commercialization of innovative treatments for
endocrine disorders such as diabetes and osteoporosis.
Vivo Ventures co-led the first institutional financing for the
company.