Biodel Inc. Announces Completion of Public Offering

DANBURY, Conn., May 17 /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. 

At Vivo Ventures, we leverage our internal expertise in evaluating data to generate outsized returns for company founders and employees as well as for our investors. Vivo prides itself on its working relationships with its founders who have often continued to work with the firm in other startup ventures. The majority of Vivo's investments are in U.S. based companies with therapeutic products in clinical development. MORE