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Biodel Inc. Announces Pricing of Public Offering

Friday, February 8, 2008 General News J E 4
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DANBURY, Conn., Feb. 7 Biodel Inc.(Nasdaq: BIOD) today announced the pricing of the underwritten public offeringof 3,810,000 shares of its common stock at a price to the public of $15.50 pershare. Of the shares being sold in the offering, 3,260,000 shares are beingissued and sold by Biodel and 550,000 shares are being sold by certainstockholders of the Company. Biodel expects to receive net proceeds from theoffering of approximately $46.4 million, after deducting underwritingdiscounts and commissions, and estimated offering expenses. Biodel will notreceive any proceeds from the sale of shares by the selling stockholders.

In addition, the selling stockholders have granted the underwriters a 30day option to purchase up to an additional 571,500 shares of common stock tocover over-allotments, if any.

Morgan Stanley & Co. Incorporated is acting as the sole book-runnermanager and J.P. Morgan Securities Inc. is acting as co-lead manager for thisoffering. Leerink Swann LLC and Natixis Bleichroeder Inc. are acting asco-managers.

A registration statement relating to these securities has been filed withand declared effective by the Securities and Exchange Commission. An offerwill be made only by means of a prospectus. A final prospectus relating to theoffering may be obtained from the Morgan Stanley & Co. Incorporated prospectusdepartment, 180 Varick Street, New York, NY 10014, Attention: ProspectusDepartment, by telephone at 866-718-1649 or by emailingprospectus@morganstanley.com.

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

Biodel Inc. is a specialty biopharmaceutical company focused on thedevelopment and commercialization of innovative treatments for endocrinedisorders such as diabetes and osteoporosis.

SOURCE Biodel Inc.
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