SOURCE: Biodel, Inc.

Biodel

May 09, 2016 17:00 ET

Biodel Reports Second Quarter Fiscal Year 2016 Financial Results

DANBURY, CT--(Marketwired - May 09, 2016) - Biodel Inc. (NASDAQ: BIOD) today reported financial results for the second fiscal quarter ended March 31, 2016.

"As we continue to diligently evaluate strategic alternatives to create shareholder value, we have significantly reduced our operating cash burn and anticipate further reductions in expenses," said Gary Gemignani, Biodel's interim CEO. "On an operating basis, we expect our quarterly cash burn to be approximately $1.1 million, as communicated during our January restructuring update."

Second Quarter Financial Results

Biodel reported a net loss of $5.9 million, or $0.09 per share for the quarter ended March 31, 2016. These results compare to a net loss of $4.4 million, or $0.18 per share, for the quarter ended March 31, 2015. General and administrative expenses were $4.0 million for the quarter ended March 31, 2016, compared to $1.6 million for the quarter ended March 31, 2015. Included in these expenses were approximately $0.3 million in professional service fees incurred related to the ongoing evaluation of strategic alternatives, and severance payments of $3.0 million pursuant to the previously announced restructuring.

Biodel did not recognize any revenue during the quarter ended March 31, 2016 or 2015.

At March 31, 2016, Biodel had cash and cash equivalents of $33.4 million and 64.1 million shares of common stock outstanding.

 
Biodel Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
         
    September 30,
2015
  March 31,
2016
        (unaudited)
ASSETS        
Current:        
  Cash and cash equivalents   $ 40,845     $ 33,433  
  Restricted cash     -       21  
  Prepaid and other assets     262       684  
                 
      Total current assets     41,107       34,138  
  Property and equipment, net     280       -  
  Intellectual property, net     37       35  
                 
      Total assets   $ 41,424     $ 34,173  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current:                
  Accounts payable   $ 421     $ 115  
  Accrued expenses:                
    Clinical trial expenses     1       30  
    Payroll and related     863       233  
    Accounting and legal fees     289       269  
    Restructuring     -       1,404  
    Other     234       143  
  Income taxes payable     -       16  
                 
      Total current liabilities     1,808       2,210  
                 
  Common stock warrant liability     5       3  
  Restructuring and other long term liabilities     54       965  
                 
      Total liabilities     1,867       3,178  
Commitments                
  Stockholders' equity:                
  Convertible preferred stock, $.01 par value; 50,000,000 shares authorized; 1,909,410 and 0 issued and outstanding     19       -  
  Common stock, $.01 par value; 200,000,000 shares authorized; 62,151,202 and 64,148,271 issued and outstanding     622       641  
  Additional paid-in capital     287,212       287,733  
  Accumulated deficit     (248,296 )     (257,379 )
                 
      Total stockholders' equity     39,557       30,995  
                 
      Total liabilities and stockholders' equity   $ 41,424     $ 34,173  
                       
                       
Biodel Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
                 
    Three Months Ended
March 31,
  Six Months Ended
March 31,
    2015   2016   2015   2016
Revenue   $ -     $ -     $ -     $ -  
                                 
Operating expenses:                                
  Research and development     2,917       2,091       6,324       3,685  
  General and administrative     1,611       3,989       3,444       5,621  
                                 
Total operating expenses     4,528       6,080       9,768       9,306  
Other (income):                                
  Interest and other income     (7 )     (220 )     (16 )     (237 )
  Adjustment to fair value of common stock warrant liability     (166 )     -       (712 )     (2 )
                                 
Loss before tax provision     (4,355 )     (5,860 )     (9,040 )     (9,067 )
Tax provision     1       8       3       16  
                                 
Net loss     (4,356 )     (5,868 )     (9,043 )     (9,083 )
                                 
                                 
Net loss per share - basic and diluted   $ (0.18 )   $ (0.09 )   $ (0.40 )   $ (0.15 )
                                 
Weighted average shares outstanding - basic and diluted     24,369,246       64,148,271       22,809,903       61,053,997  
                                 

About Biodel Inc.

Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for diabetes that may be safer, more effective and more convenient for patients. Biodel's product candidates are developed by applying proprietary technologies to existing drugs in order to improve their therapeutic profiles. More information about Biodel is available at www.biodel.com.

Safe-Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements that address operating performance, or other events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and those described from time to time in other reports which we file with the Securities and Exchange Commission.

BIOD-G

Contact Information

  • CONTACT:
    Clayton Robertson
    The Trout Group
    +1 (646) 378 2964