Form 8-K Biodel Inc For: May 09
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E-mailUNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 9, 2016
BIODEL INC.
(Exact name of registrant as specified in its charter)
Commission File Number 001-33451
| Delaware (State or other jurisdiction of incorporation or organization) |
90-0136863 (IRS Employer Identification Number) | |
|
100 Saw Mill Road Danbury, Connecticut (Address of principal executive offices) |
06810 (Zip code) |
| (203) 796-5000 |
| (Registrant's telephone number, including area code) |
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 9, 2016, Biodel Inc. (the "Company") issued a press release (the “Press Release”) announcing its financial results for its second fiscal quarter ended March 31, 2016. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit relating to Item 2.02 shall be deemed to be furnished and not filed:
99.1 Press Release issued by the Company on May 9, 2016.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 9, 2016 BIODEL INC.
By: /s/ Paul S. Bavier
Paul S. Bavier, General Counsel
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release issued by the Company on May 9, 2016.
Exhibit 99.1
BIODEL REPORTS SECOND QUARTER FISCAL YEAR 2016 FINANCIAL RESULTS
DANBURY, Conn., May 9, 2016 (GLOBE NEWSWIRE) - 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.
Exhibit 99.1
Biodel Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| September 30, 2015 | March 31, 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 | ||||
Exhibit 99.1
Biodel Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
| Three Months Ended March 31, | Six Months Ended 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
Source: Biodel, Inc.
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