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.