Biodel & Backers Tapping Cash Via Equity Sale (BIOD)

Posted: August 25, 2008 at 7:45 am

Biodel Inc. (NASDAQ: BIOD) has filed with the SEC to sell up to 8.5 million shares of common stock.  The company will sell 5.5 million of the shares and 3 million of the shares being sold will come from shareholders who were pre-IPO backers of the company..

The company will use the proceeds it receives for general corporate purposes, but it will not receive any proceeds of the shares being sold by shareholders.  The firm did not list formal underwriters for the offering.  Shares are trading down roughly 8% pre-market at $17.00 and the 52-week trading range is $9.60 to $25.69.

Jon C. Ogg
August 25, 2008

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