Biodel Announces 2016 Annual Meeting of Stockholders Set for October 24, 2016; Outlines Plan to Regain Compliance With Nasdaq Listing Requirements

DANBURY, CT--(Marketwired - September 26, 2016) - Biodel Inc. (NASDAQ: BIOD) today announced that its 2016 annual meeting of stockholders has been set for October 24, 2016. At that meeting, stockholders will vote on, among other things, matters necessary to complete Biodel's planned transaction with Albireo Limited pursuant to a previously announced share exchange agreement, including the issuance of shares of Biodel's common stock in the transaction and a proposed reverse stock split of Biodel's common stock at a ratio of 1-for-30 shares.

As expected and as previously announced in a Current Report on Form 8-K filed on September 22, 2016, on September 20, 2016, Biodel received a determination letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC, or the Staff, notifying Biodel that it had not regained compliance with the $1.00 minimum bid price requirement set forth in Listing Rule 5550(a)(2) by the previously announced deadline. Because the date set for Biodel's 2016 annual meeting of stockholders is after the end of its fiscal year, Biodel also anticipates the receipt of a second deficiency notice from the Staff in early October of this year.

In connection with the planned share exchange transaction with Albireo, an initial listing application has been submitted to Nasdaq relating to the listing of the common stock of the combined organization following completion of the share exchange. In the event Biodel has received stockholder approval of the proposals at its 2016 annual meeting of stockholders including the proposal for the issuance of Biodel's common stock in the transaction and for the proposed reverse stock split and completed the share exchange, Biodel anticipates that it will be able to demonstrate compliance with all applicable Nasdaq listing requirements.

Nasdaq's September 22, 2016 determination letter noted that, unless Biodel timely requests a hearing before the Nasdaq Hearings Panel, or the Panel, trading of Biodel's common stock on The Nasdaq Capital Market will be suspended at the opening of business on September 29, 2016. Accordingly, Biodel intends to timely request a hearing before the Panel. Biodel's hearing request will automatically stay any action by the Staff with respect to the suspension of Biodel's listing on Nasdaq, pending the Panel's decision. It is expected that the hearing will be scheduled to occur in November 2016, after the anticipated completion of Biodel's planned share exchange transaction with Albireo. Biodel's plan for addressing the deficiency relating to the timing of its annual meeting will also be scheduled for consideration at the hearing that it will request.