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Print Edition StoriesThursday, February 7, 2008
Biodel targets $46M in stock sale
Nutmeg State biopharmaceutical company Biodel Inc. reports it has priced an underwritten follow-on public stock offering, hoping to raise about $46.4 million.
Danbury, Conn.-based Biodel plans to sell 3.8 million shares of its common stock at a price of $15.50 per share, according to officials. Biodel will issue about 3.26 million shares, and 550,000 shares are being sold by certain unnamed stockholders of the company. The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 571,500 shares of common stock to cover over-allotments, if any.
Morgan Stanley & Co. Inc. is acting as the sole book-runner manager and J.P. Morgan Securities Inc. is acting as co-lead manager for this offering. Leerink Swann LLC and Natixis Bleichroeder Inc. are acting as co-managers.
Biodel, which went public in May 2007, is developing treatments for endocrine disorders such as diabetes and osteoporosis. The company reported a net loss of $22.5 million for 2007, on zero revenue.
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