Attached files
| file | filename |
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| 8-K - CURRENT REPORT - ALBIREO PHARMA, INC. | biodel_8k.htm |
Exhibit 99.1
BIODEL REPORTS FIRST QUARTER FISCAL YEAR 2016 FINANCIAL RESULTS
DANBURY, Conn., February 16, 2016 (GLOBE NEWSWIRE) - Biodel Inc. (NASDAQ: BIOD) today reported financial results for the first fiscal quarter ended December 31, 2015.
Corporate updates since last fiscal quarter:
| ● |
In October 2015, the
company committed to a restructuring plan designed to reduce
infrastructure costs and improve efficiency of research and
quality-related activities. The company estimated that it will incur
one-time cash severance payments of approximately $0.3 million in
connection with the October 2015 restructuring and reduce its cash burn by
approximately $2 million annually. |
| ● |
In December 2015, the
company announced a plan to explore strategic alternatives to further
realize value from its pipeline assets and to preserve the company’s cash
balance. |
| ● |
In January 2016, the
company committed to an additional restructuring plan designed to further
reduce operating costs while it evaluates its strategic alternatives. The
company estimated that it will incur one-time cash severance payments of
approximately $1.3 million in connection with the January 2016
restructuring and will reduce its average operating cash burn to
approximately $1.1 million per quarter. |
| ● |
The company has retained Ladenburg Thalmann & Co. to assist with the review of strategic alternatives. Also, the company announced in January 2016 that its board of directors appointed Gary G. Gemignani as interim chief executive officer, with primary responsibility of managing the strategic alternatives process. |
“As recently announced, we have significantly reduced our operating cash burn and are focused on exploring strategic alternatives that can provide substantial value to our shareholders,” said Gary Gemignani, Biodel’s interim CEO. “While we cannot predict the timing of when the process may conclude, we plan to execute expeditiously and look forward to providing an update as we move forward.”
First Quarter Financial Results
Biodel reported a net loss of $3.2 million, or $0.05 per share for the quarter ended December 31, 2015. These results compare to a net loss of $4.7 million, or $0.20 per share, for the quarter ended December 31, 2014.
Biodel did not recognize any revenue during the quarter ended December 31, 2015 or 2014.
At December 31, 2015, Biodel had cash and cash equivalents of $37.0 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, | December 31, | |||||||
| 2015 | 2015 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current: | ||||||||
| Cash and cash equivalents | $ | 40,845 | $ | 36,932 | ||||
| Restricted cash | — | 21 | ||||||
| Prepaid and other assets | 262 | 674 | ||||||
| Total current assets | 41,107 | 37,627 | ||||||
| Property and equipment, net | 280 | 251 | ||||||
| Intellectual property, net | 37 | 36 | ||||||
| Total assets | $ | 41,424 | $ | 37,914 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current: | ||||||||
| Accounts payable | $ | 421 | $ | 335 | ||||
| Accrued expenses: | ||||||||
| Clinical trial expenses | 1 | 136 | ||||||
| Payroll and related | 863 | 282 | ||||||
| Accounting and legal fees | 289 | 324 | ||||||
| Other | 234 | 335 | ||||||
| Income taxes payable | — | 8 | ||||||
| Total current liabilities | 1,808 | 1,420 | ||||||
| Common stock warrant liability | 5 | 3 | ||||||
| Other long term liabilities | 54 | 38 | ||||||
| Total liabilities | 1,867 | 1,461 | ||||||
| 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 | 287,323 | ||||||
| Accumulated deficit | (248,296 | ) | (251,511 | ) | ||||
| Total stockholders' equity | 39,557 | 36,453 | ||||||
| Total liabilities and stockholders' equity | $ | 41,424 | $ | 37,914 | ||||
Biodel
Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
| Three Months Ended | ||||||||
| December 31, | ||||||||
| 2014 | 2015 | |||||||
| Revenue | $ | — | $ | — | ||||
| Operating expenses: | ||||||||
| Research and development | 3,407 | 1,594 | ||||||
| General and administrative | 1,833 | 1,632 | ||||||
| Total operating expenses | 5,240 | 3,226 | ||||||
| Other (income): | ||||||||
| Interest and other income | (9 | ) | (17 | ) | ||||
| Adjustment to fair value of common stock warrant | ||||||||
| liability | (546 | ) | (2 | ) | ||||
| Loss before tax provision | (4,685 | ) | (3,207 | ) | ||||
| Tax provision | 2 | 8 | ||||||
| Net loss | (4,687 | ) | (3,215 | ) | ||||
| Net loss per share — basic and diluted | $ | (0.20 | ) | $ | (0.05 | ) | ||
| Weighted average shares outstanding — basic and | ||||||||
| diluted | 23,435,844 | 63,583,137 | ||||||
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. 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:
Clayton
Robertson
The Trout Group
+1
(646) 378 2964
Source: Biodel, Inc.