Biodel Inc (NASDAQ:BIOD) 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. (Original Source)
Shares of Biodel closed today at 0.41, up $0.034 or 8.92%. BIOD has a 1-year high of $1.23 and a 1-year low of $0.22. The stock’s 50-day moving average is $0.38 and its 200-day moving average is $0.32.
Biodel, Inc. is a pharmaceutical company, which develops novel formulations of already approved therapeutics to treat endocrine disorders such as diabetes and osteoporosis. The company develops product candidates by applying formulation technologies to existing drugs in order to improve their therapeutic profiles. Biodel was founded by Solomon S. Steiner and Erik Steiner on December 3, 2003 and is headquartered in Danbury, CT.