Kevin Kotler & Broadfin Capital Take a 5.2% Stake in Biodel
Biodel, Broadfin Capital: In a 13G filing reported a few minutes ago, Kevin Kotler's Broadfin Capital disclosed ownership of a 5.2% stake in Biodel Inc (NASDAQ:BIOD), a company engaged in the development of diabetes treatments. Broadfin is a hedge fund almost entirely focused in healthcare, with the majority of its $500 million equity portfolio invested in this space.
At the beginning of September, Biodel disclosed positive news on its BIOD-123 phase 2 clinical study. BIOD-123 is "an investigational ultra-rapid-acting mealtime insulin, in patients with type 1 diabetes," which "achieved the primary endpoint of non-inferiority for HbA1c relative to insulin lispro, a widely prescribed rapid acting mealtime insulin analog marketed as Humalog® ," Biodel said in a statement.
In the third fiscal quarter, Biodel posted a net loss of $9.6 million, equal to $0.66 per share, expanding it from the $6.1 million net loss posted for the same three months of 2012.
Samuel Isaly's Orbimed Advisors helds the largest stake in Biodel, out of the funds we track. Its position contains almost 2.7 million shares.