Biodel Reports Second Quarter Fiscal Year 2016 Financial Results
/EINPresswire.com/ -- DANBURY, CT--(Marketwired - May 09, 2016) - Biodel Inc. (NASDAQ: BIOD) today 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.
Biodel Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
September 30, March 31,
2015 2016
--------------- -------------
(unaudited)
ASSETS
Current:
Cash and cash equivalents $ 40,845 $ 33,433
Restricted cash - 21
Prepaid and other assets 262 684
--------------- -------------
Total current assets 41,107 34,138
Property and equipment, net 280 -
Intellectual property, net 37 35
--------------- -------------
Total assets $ 41,424 $ 34,173
=============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current:
Accounts payable $ 421 $ 115
Accrued expenses:
Clinical trial expenses 1 30
Payroll and related 863 233
Accounting and legal fees 289 269
Restructuring - 1,404
Other 234 143
Income taxes payable - 16
--------------- -------------
Total current liabilities 1,808 2,210
Common stock warrant liability 5 3
Restructuring and other long term
liabilities 54 965
--------------- -------------
Total liabilities 1,867 3,178
--------------- -------------
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 287,212 287,733
Accumulated deficit (248,296) (257,379)
--------------- -------------
Total stockholders' equity 39,557 30,995
--------------- -------------
Total liabilities and stockholders'
equity $ 41,424 $ 34,173
=============== =============
Biodel Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
------------------------- -------------------------
2015 2016 2015 2016
------------ ------------ ------------ ------------
Revenue $ - $ - $ - $ -
------------ ------------ ------------ ------------
Operating expenses:
Research and
development 2,917 2,091 6,324 3,685
General and
administrative 1,611 3,989 3,444 5,621
------------ ------------ ------------ ------------
Total operating expenses 4,528 6,080 9,768 9,306
Other (income):
Interest and other
income (7) (220) (16) (237)
Adjustment to fair
value of common stock
warrant liability (166) - (712) (2)
------------ ------------ ------------ ------------
Loss before tax
provision (4,355) (5,860) (9,040) (9,067)
Tax provision 1 8 3 16
------------ ------------ ------------ ------------
Net loss (4,356) (5,868) (9,043) (9,083)
------------ ------------ ------------ ------------
Net loss per share -
basic and diluted $ (0.18) $ (0.09) $ (0.40) $ (0.15)
============ ============ ============ ============
Weighted average shares
outstanding - basic and
diluted 24,369,246 64,148,271 22,809,903 61,053,997
============ ============ ============ ============
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 within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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
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