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Biodel Inc. Announces Closing of Secondary Offering

February 12, 2008

DANBURY, CT – Biodel Inc. (Nasdaq: BIOD) today announced the closing of the underwritten public offering of 3,810,000 shares of its common stock at a price to the public of $15.50 per share. Of the shares being sold in the offering, 3,260,000 were sold by Biodel and 550,000 shares were sold by existing stockholders of the Company including an entity affiliated with Great Point Partners. Biodel received net proceeds from the offering of approximately $46.4 million.

Morgan Stanley & Co. Incorporated acted as the sole book-runner manager and J.P. Morgan Securities Inc. acted as co-lead manager for this offering. Leerink Swann LLC and Natixis Bleichroeder Inc. were co-managers. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 7, 2008.

A copy of the final prospectus relating to the offering may be obtained from the Morgan Stanley & Co. Incorporated, Prospectus Department, 180 Varick Street, New York, NY 10014, by telephone at 866-718-1649 or by email at prospectus@morganstanley.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Biodel Inc.
Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for diabetes. Biodel’s Viaject® is a faster acting injectable meal-time insulin that offers numerous advantages including: fewer hypoglycemic events, less hyperglycemia, and less weight gain.

Reach Great Point at 203-971-3300.

This document is intended solely to provide information regarding Great Point Partners’ potential financing capabilities for prospective portfolio companies.