Biodel Inc. has entered into a stock purchase agreement with Lincoln Park Capital Fund, LLC, 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 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.