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Biodel prices offering of 4.5M shares

DANBURY, Conn. (AP) -- Biotechnology company Biodel Inc. on Wednesday priced a public offering of about 4.5 million shares of stock at $4.35 per share.

The price is a nearly 9 percent discount of the stock's closing price Tuesday of $4.76.

The offering is expected to close June 24. The company did not specify what proceeds would be used for. An earlier regulatory filing said proceeds would be used for general corporate purposes, including sales and market or clinical trials of drugs.

Biodel, which develops treatments for diabetes, is also granting underwriters a 30-day option to buy up to 672,414 more shares to cover overallotments.

The company said earlier this month that it plans to try to develop a new kind of device to delivering the hormone glucagon to treat severe hypoglycemia.

Shares fell 46 cents, or 9.7 percent, to $4.30 in afternoon trading. That's closer to the high end of the stock's 52-week trading range of $2.13 to $5.11.