Biodel Inc. narrowed its fiscal first-quarter loss while moving the Danbury biopharma a step further in the process toward federal approval for its fast-acting synthetic insulin formulations.
For three months ended Dec. 31, Biodel lost a net $3.7 million, or 26 cents a diluted share, smaller than the $4.5 million, or 47 cents a share, lost the same period a year earlier.
Research and development expenses sped up in the latest quarter, topping $4.5 million vs. $2.4 million a year earlier.
Aside from $45,000 in grants, Biodel booked no revenues in either quarter.
CEO Errol De Souza M.D. said the firm achieved several important development milestones in the lastest first quarter:
One was reporting positive top line data from Phase 1 clinical trial of two ultra-rapid-acting formulations, BIOD-238 and BIOD-250.
The other was the launch of a Phase 2 clinical trial of BIOD-123, an ultra-rapid-acting formulation of recombinant human insulin. Top line data for that trial is likely in the calendar third quarter of this year, he said.
