Biodel Inc (NASDAQ:BIOD) reported financial results for the second fiscal quarter ended March 31, 2015.
Portfolio highlights since last fiscal quarter:
- Announced positive clinical data from Study 6-101 demonstrating that administration of the formulation designed for use in the Glucagon Emergency Management (GEM) device results in glucagon exposure and glucose response that met standard bioequivalence criteria when compared to marketed glucagon
- Announced results from a formative human factors study of its GEM device demonstrating a substantial improvement in ease of use and successful delivery of the full dose, as well as a reduction in dosing errors when compared to commercially available glucagon kits
- Successfully completed a public offering, which generated approximately $32.1 million in net proceeds, including proceeds from the exercise of the over-allotment option
- Received acceptance of 5 abstracts for presentation at the 2015 American Diabetes Association Scientific sessions. Four abstracts are on BIOD-531 and one is on the GEM program
Dr. Errol De Souza, president and chief executive officer of Biodel, stated: “This has been an extremely productive quarter for Biodel. With the exciting data from the recent clinical and human factor studies reported in the GEM program over the past two months and the continued progress made in the BIOD-531 program, coupled with our recent public offering, we are positioned to transition Biodel over the next 12 to 18 months to a later stage product development company with a diversified portfolio and significant potential to build shareholder value.”
Second Quarter Financial Results
Biodel reported a net loss of $4.4 million and $9.0 million, or $0.18 and $0.40 per share for the quarter and six month periods ended March 31, 2015, respectively. These results compare to a net loss of $6.2 million and $8.6 million, or $0.29 and $0.41 per share for the quarter and six month periods ended March 31, 2014, respectively.
Biodel did not recognize any revenue during the quarter and six month periods ended March 31, 2015 or 2014.
At March 31, 2015, Biodel had cash and cash equivalents of $17.8 million and 24.6 million shares of common stock outstanding. After giving effect of the recent public offering, Biodel had cash and cash equivalents of $49.8 million and 62.1 million shares of common stock outstanding. (Original Source)
Shares of Biodel closed today at $1.13, up $0.01 or 0.88%. BIOD has a 1-year high of $2.51 and a 1-year low of $0.99. The stock’s 50-day moving average is $1.18 and its 200-day moving average is $1.38.
On the ratings front, Biodel has been the subject of a number of recent research reports. In a report issued on April 6, Wedbush analyst Liana Moussatos maintained a Hold rating on BIOD, with a price target of $2, which implies an upside of 75.4% from current levels. Separately, on March 23, William Blair’s John Sonnier reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liana Moussatos and John Sonnier have a total average return of 34.7% and 16.6% respectively. Moussatos has a success rate of 49.6% and is ranked #23 out of 3590 analysts, while Sonnier has a success rate of 54.5% and is ranked #565.
Biodel Inc is a specialty biopharmaceutical company. The Company is focused on the development and commercialization of treatments for diabetes patients..