Biodel Enters Into $15 Million

Biodel Inc. (NASDAQ: BIOD) today announced that it has entered into a stock
purchase agreement with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based
institutional investor. Under the terms of the purchase agreement, Biodel will
have the right to sell to LPC, and LPC will be obligated to purchase, up to $15
million in shares of Biodel's common stock, subject to the limitations and
conditions set forth in the agreement. Biodel intends to use any proceeds that
it receives from the sale of shares under the purchase agreement for general
corporate purposes and working capital requirements.


"We are pleased to enter into this purchase agreement with Lincoln Park
Capital," commented Dr. Errol De Souza, president and chief executive officer of
Biodel. "This equity commitment provides Biodel with an additional means for
accessing the capital to fund our development programs, including the ability to
fund our auto-reconstitution glucagon rescue program through the filing of a New
Drug Application with the U.S. Food and Drug Administration."


Under the terms of the purchase agreement and related registration rights
agreement, Biodel has agreed to file with the Securities and Exchange Commission
(the "SEC") a registration statement covering the shares that may be issued to
LPC under the purchase agreement. Sales under the purchase agreement may take
place over the 36-month period after the registration statement is declared
effective by the SEC. 


Biodel will control the timing and amount of any sales to LPC. LPC has no right
to require Biodel to make sales, but is obligated to make purchases, if and when
Biodel directs in accordance with the purchase agreement. There are no upper
limits to the price per share that LPC could be obligated to pay for the shares
that it purchases under the purchase agreement. The purchase price for the
shares will be based on the prevailing market prices of the shares immediately
preceding a notice of sale to LPC. LPC has agreed not to cause or engage in any
manner whatsoever, any direct or indirect short selling or hedging of Biodel's
shares of common stock. In consideration for entering into the purchase
agreement, Biodel has issued shares of common stock to LPC as a commitment fee.
The purchase agreement may be terminated by Biodel at any time, at its sole
discretion, without any monetary cost.


More information regarding this transaction is available in the Current Report
on Form 8-K that Biodel filed today with the SEC.


The shares of common stock issued or that may be issued pursuant to the Purchase
Agreement have not been registered under the Securities Act of 1933, as amended,
or state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.


About Biodel Inc.

Biodel Inc. is a specialty biopharmaceutical company focused on the development
and commercialization of innovative treatments for diabetes that may be safer,
more effective and more convenient for patients. Biodel's product candidates are
developed by applying proprietary technologies to existing drugs in order to
improve their therapeutic profiles.


About Lincoln Park Capital Fund, LLC ("LPC")

LPC is an institutional investor headquartered in Chicago, Illinois. LPC's
experienced professionals manage a portfolio of investments in public and
private entities. These investments are in a wide range of companies and
industries emphasizing life sciences, specialty financing, energy and
technology. LPC's investments range from multiyear financial commitments to fund
growth to special situation financings to long-term strategic capital, offering
companies certainty, flexibility and consistency.


Safe-Harbor Statement

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements about potential future sales of shares of Common
Stock pursuant to the purchase agreement, and future activities related to the
clinical development plans for Biodel's drug candidates, including the potential
timing, design and outcomes of clinical trials; and Biodel's ability to develop
and commercialize product candidates. Forward-looking statements represent our
management's judgment regarding future events. All statements, other than
statements of historical facts, including statements regarding our strategy,
future operations, future clinical trial results, future financial position,
future revenues, projected costs, prospects, plans and objectives of management
are forward-looking statements. The words "anticipates," "believes," "could,"
"estimates," "expects," "intends," "may," "plans," "potential," "predicts,"
"projects," "should," "will," "would" and similar expressions are intended to
identify forward-looking statements, although not all forward-looking statements
contain these identifying words. Biodel's forward-looking statements are subject
to a number of known and unknown risks and uncertainties that could cause actual
results, performance or achievements to differ materially from those described
or implied in the forward-looking statements, including, but not limited to, the
success of our product candidates, particularly our proprietary formulations of
injectable insulin that are designed to be absorbed more rapidly than the
"rapid-acting" mealtime insulin analogs presently used to treat patients with
type 1 and type 2 diabetes and our glucagon presentation that is intended to
treat patients experiencing severe hypoglycemia; our ability to conduct pivotal
clinical trials, other tests or analyses required by the U.S. Food and Drug
Administration, or the FDA, to secure approval to commercialize a proprietary
formulation of injectable insulin or a stable glucagon presentation; the success
of our formulation development work with insulin analog-based formulations of a
proprietary injectable insulin and a stable glucagon presentation; our ability
to secure approval from the FDA for our product candidates under Section
505(b)(2) of the Federal Food, Drug, and Cosmetic Act; the progress, timing or
success of our research, development and clinical programs, including any
resulting data analyses; our ability to develop and commercialize a proprietary
formulation of injectable insulin that may be associated with less injection
site discomfort than Linjeta™ (formerly referred to as VIAject®), which is
the subject of a complete response letter we received from the FDA; our ability
to enter into collaboration arrangements for the commercialization of our
product candidates and the success or failure of any such collaborations into
which we enter, or our ability to commercialize our product candidates
ourselves; our ability to protect our intellectual property and operate our
business without infringing upon the intellectual property rights of others; the
degree of clinical utility of our product candidates; the ability of our major
suppliers to produce our products in our final dosage form; our
commercialization, marketing and manufacturing capabilities and strategies; our
ability to accurately estimate anticipated operating losses, future revenues,
capital requirements and our needs for additional financing; and other factors
identified in our most recent report on Form 10-Q for the first fiscal quarter
ended March 31, 2014. Biodel disclaims any obligation to update any
forward-looking statements as a result of events occurring after the date of
this press release.


BIOD - G


FOR FURTHER INFORMATION PLEASE CONTACT: 

CONTACT: 
John Graziano
+1 (646) 378-2942
Lorne Park Capital Partn... (TSXV:LPC)
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