Biodel Inc.

Danbury, Conn. • 203-798-3600 • www.biodelinc.com

Exchange and Ticker: Nasdaq: BIOD

Filing Range: 5.00M shares @ $14.00 to $16.00

Offering Price: $15.00

Close on First Day: $18.00

Offering Size: $75.00M

Shares Outstanding: 19,410,836M

Underwriter: Morgan Stanley

Co-managers: Leerink Swann & Co./ Natexis Bleichroeder Inc.

Company Counsel: Troutman Sanders LLP

Manager Counsel: Wilmer Cutler Pickering Hale & Dorr LLP

Auditor: BDO Seidman LLP

Market Capitalization on 5/31/07: $347.07M

Close price at current month end: $17.88

DESCRIPTION

The company is developing and patenting a novel drug delivery platform called Viadel. This technology is applicable to a wide range of peptides, proteins and other macromolecules. Biodel’s current focus is on developing Viadel for the delivery of insulin to treat patients with Type 1 and Type 2 diabetes. Competitors include Eli Lilly, Novo Nordisk, Sanofi-Aventis, Emisphere Technologies Inc., Pfizer, Merck and Proctor & Gamble.

VENTURE BACKERS

OrbiMed Advisors, Vivo Ventures

Source: Thomson Financial