Biodel reports improved financial results

Biodel Inc., Danbury-based biopharmaceutical company focused on the development and commercialization of innovative treatments for diabetes, reported a net loss for the three months ended Sept. 30 $800,000, or 4 cents per share of common stock, compared to a net loss of $5.9 million, or 42 cents per share of common stock, for the same period in the prior year.
Portfolio highlights since last fiscal quarter included execution of a long-term commercial supply agreement with Becton, Dickinson & Co., for worldwide exclusive rights to the ultra-portable and proprietary Uniject device for the delivery of liquid glucagon to treat severe hypoglycemia, as well as manufactured engineering batch of BIOD-961 glucagon formulation for the EZMix auto-reconstitution device in preparation for initiation of IND-enabling toxicology studies. It also initiated Phase 1 clinical trial of concentrated ultra-rapid-acting insulin candidate BIOD-531.
“I am pleased with the progress we have made across our rapidly progressing portfolio of innovative therapies for the treatment of diabetes,” said Dr. Errol De Souza, president and chief executive officer, in prepared comments. “We look forward to delivering on several key milestones in 2014 including reporting top-line data from the BIOD-531 Phase 1 trial in the next calendar quarter, identifying analog-based ultra-rapid-acting insulin candidates and initiating pivotal trials on our glucagon program in the second half of 2014.”
Research and development expenses were $2.9 million in the fourth quarter, compared with $4.6 million for the same period in the prior year. The decrease in research and development expenses was primarily attributable to the completion of our Phase 2 clinical trial of BIOD-123.