Press Release: Biodel Announces the Pricing of its Initial Public Offering

Biodel Announces the Pricing of its Initial Public Offering DANBURY, Conn., May 10 -- Biodel Inc. today announced the pricing of its initial public offering of 5,000,000 shares of its common stock at a price to the public of $15.00 per share. All of the 5,000,000 shares being sold in the offering are being sold by the Company. In addition, the Company has granted to the underwriters a 30-day over-allotment option to purchase up to an additional 750,000 shares of common stock. The Company's common stock is expected to begin trading on the Nasdaq Global Market on May 11, 2007 under the symbol "BIOD". Morgan Stanley & Co. Incorporated is acting as the sole book-runner and lead manager, Banc of America Securities LLC is acting as co-lead manager, and Leerink Swann & Co., Inc. and Natexis Bleichroeder Inc. are acting as co- managers in the offering. The offering is made only by means of a prospectus, copies of which may be obtained from the Morgan Stanley & Co. Incorporated prospectus department, 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, by telephone at (866) 718-1649 or by emailing [email protected] 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. Biodel is a specialty pharmaceutical company focused on the development and commercialization of innovative treatments for endocrine disorders such as diabetes and osteoporosis.

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