Attached files
file | filename |
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8-K - FORM 8-K - ALBIREO PHARMA, INC. | y91313e8vk.htm |
EX-5.1 - EX-5.1 - ALBIREO PHARMA, INC. | y91313exv5w1.htm |
EX-4.7 - EX-4.7 - ALBIREO PHARMA, INC. | y91313exv4w7.htm |
EX-4.6 - EX-4.6 - ALBIREO PHARMA, INC. | y91313exv4w6.htm |
EX-1.1 - EX-1.1 - ALBIREO PHARMA, INC. | y91313exv1w1.htm |
EX-10.27 - EX-10.27 - ALBIREO PHARMA, INC. | y91313exv10w27.htm |
Exhibit 99.1
Biodel to Raise $30 Million through Registered Direct Offering
DANBURY, Conn., May 13, 2011 /PRNewswire via COMTEX News Network/ Biodel Inc. (Nasdaq:
BIOD) today announced that it has entered into definitive agreements with a group of institutional
investors, including Great Point Partners, LLC and Orbimed Advisors, LLC, to sell approximately
12.2 million shares of its common stock, 1.7 million shares of its Series A Convertible Preferred
Stock and warrants to purchase 9.0 million shares of its common stock. These securities are being
sold as units, with each unit consisting of one share of common stock and a warrant to purchase
0.65 of a share of common stock. However, certain investors are also purchasing units that consist
of one share of Series A Convertible Preferred stock and a warrant to purchase 0.65 of a share of
common stock in addition to the units comprised of common stock and a warrant to purchase 0.65 of a
share of common stock. The Series A Convertible Preferred Stock is non-voting. Each share of
Series A Convertible Preferred Stock is convertible into one share of Biodels common stock,
provided that conversion will be prohibited if, as a result, the holder and its affiliates would
own more than 9.98% of the total number of Biodel shares of common stock outstanding following
conversion.
The investors have agreed to purchase the units for a negotiated price of $2.16 per unit, resulting
in gross proceeds to Biodel, before deducting placement agents fees and estimated offering
expenses, of approximately $30 million. The offering is expected to close on or about May 18,
2011, subject to customary closing conditions. 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 per share exercise price of the warrants is $2.48. The warrants will be exercisable beginning
on the original date of issuance and will expire on the date that is five years after the original
issuance date.
Biodel has filed a registration statement (including a prospectus) with the SEC for the securities
offering described in this communication. Before you invest, you should read the prospectus in
that registration statement and other documents Biodel has filed with the SEC for more complete
information about Biodel and this offering. You may obtain these documents free of charge by
visiting EDGAR on the SECs website at www.sec.gov. Alternatively, copies of the prospectus
meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting
William Blair & Company, L.L.C., 222 West Adams Street, Chicago, IL 60606, attention: Equity
Capital Markets, telephone 312-236-1600, or JMP Securities LLC, 600 Montgomery Street, Suite 1100,
San Francisco, CA 94111, attention: Equity Capital Markets, telephone 415-835-8900.
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 develops its product candidates by applying its proprietary
formulation technologies to existing drugs in order to improve their therapeutic profiles.
Safe-Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements concerning the Companys expectations related
to the closing of the offering. Forward-looking statements represent our managements judgment
regarding future events. The Companys forward-looking statements are subject to a number of known
and unknown risks and uncertainties, many of which are beyond its control, including risks related
to closing of the contemplated offering, that could cause actual results, performance or
achievements to differ materially from those described in the forward- looking statements. For
additional disclosure regarding these and other risks faced by Biodel, see the disclosure contained
in its public filings with the SEC available on the SECs website at www.sec.gov. These
forward-looking statements represent the Companys views only as of the date they are made and
should not be relied upon as representing its views as of any subsequent date. The company
disclaims any obligation to update any forward-looking statements as a result of events occurring
after the date of this press release.