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Biodel files to offer 3.8 mln shares

Wed Jan 16, 2008 6:37am EST

Jan 16 (Reuters) - Biodel Inc said in a filing with the U.S. Securities and Exchange Commision that 3.8 million shares of its common stock is being offered for sale.

The company is offering 3.26 million shares and 550,000 shares by certain selling stockholders.

The selling stockholders have granted the underwriters the right to purchase up to an additional 571,500 shares of Biodel's shares to cover over-allotments, the company said in a filing.

Net proceeds from the sale of shares by the company, expected to fetch about $70.9 million, will be used to fund clinical development of certain formulations and clinical trials, and other purposes. (Reporting by Shailesh Kuber in Bangalore; Editing by Bernard Orr)



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