Danbury biopharma Biodel Inc.’s ongoing development costs for a fast-acting insulin treatment for diabetics pushed it into the red in the fiscal fourth quarter.
For three months ended Sept. 30, Biodel had a net loss of $5.9 million, or 42 cents a diluted share. That compares to net income of $4.1 million, or 43 cents a share, the same period last year.
Biodel posted no revenues in either quarter, typical for a biopharma not yet cleared by federal or overseas drug regulators to begin delivering product.
For the full year, Biodel lost $20.7 million, or $1.91 a share, wider than its year-earlier loss of $10.6 million, or $1.36 a share.
Despite its heavy cash-burn during the year, Biodel ended fiscal 2012 with cash and equivalents on hand totaling $39.1 million vs. $38.7 million a year earlier, thanks to an equity offering last June that raised $18.5 million in fresh capital.
