August 2, 2006
Great Point Partners leads growth equity financing for Phase 3 clinical development of Viaject™ rapid acting insulin for Type 1 and 2 diabetes
DANBURY, CT – Biodel Inc., a developer of drug delivery technologies that increase drug efficacy, enhance drug performance, and make drugs easier for patients to take, announced a $21 million growth equity financing led by Great Point Partners.
As a part of the financing, Biodel also announced the addition of David Kroin, Managing Director at Great Point Partners to its Board of Directors.
“I am enthusiastic to be joining the Biodel team as we are highly impressed by the superior pharmacodynamics associated with Viaject™ rapid acting insulin and believe that the clinical trials will demonstrate that this is a major advancement in the treatment of diabetes,” said Mr. Kroin, Managing Director at Great Point Partners. “Biodel has shown compelling proof of concept in initial clinical trials, and we look forward to the results of the ongoing Phase 2 studies and soon to be initiated Phase 3 clinical trials.”
“The strong interest in this financing by top healthcare investors validates the progress we have made since our inception in 2003,” said Solomon S. Steiner, Ph.D., Chairman and CEO of Biodel. “We are excited to continue our great progress in developing Biodel’s technology which we see as a new paradigm in the management of diabetes patients. We also welcome our newly added board members as they each bring extensive knowledge of this space and add to our highly experienced team.”
Biodel’s first potential product is a rapid acting injectable insulin called Viaject™. This product is a novel formulation of recombinant human insulin designed to speed the delivery of insulin into the blood, and in a manner that closely resembles the body’s normal release of insulin into the bloodstream which will improve the efficacy and efficiency of the drug.
Mr. David Kroin is a Managing Director at Great Point Partners. Prior to co-founding Great Point in 2003, Mr. Kroin was an investment professional at J.H. Whitney & Co., a multi-billion dollar alternative asset management firm, from 1998 to 2003, and a Partner of a J.H. Whitney & Co. affiliated fund. At Great Point, he has completed structured financings for companies such as Panacos Pharmaceuticals, Inc., Genta Inc. and Keryx Biopharmaceuticals.
About Biodel, Inc.
Biodel Inc. is a biopharmaceutical drug delivery company. Biodel develops drug delivery technologies that increase drug efficacy, enhance drug performance, and make drugs easier for patients to take. This technology is applicable to a wide range of peptides, proteins and other macromolecules. Using this technology, Biodel has developed a novel drug formulation of recombinant human insulin designed to speed the delivery of insulin into the blood called Viaject™. Biodel’s current focus is gaining FDA approval for Viaject to treat patients with Type 1 and Type 2 diabetes. For more information, please visit www.biodel.com.
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.