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Speciality biopharmaceutical company Biodel Inc. of Danbury, Conn., said today that it plans to raise $30 million through a direct offering of stock to a group of institutional investors.
The company said in a press release that it has entered into an agreement with investors, including Great Point Partners LLC and Orbimed Advisors LLC to sell about 12.2 million shares of common stock, 1.7 million shares of its Series A Convertible Preferred Stock and warrants to puchase 9 million shares of its common stock.
The deal is expected to close on or about May 18. William Blair & Company, L.L.C. acted as sole lead placement agent for the offering and JMP Securities LLC acted as co-placement agent.
The announcement didn’t specify how the funds would be used.
In March Biodel (Nasdaq: BIOD), which is focused on diabetes and its complications, said it was moving two new insulin drug candidates into Phase 1 clinical studies
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