• Biodel Inc., of Danbury, Conn., filed to sell 3.26 million shares in a public offering. An additional 550,000 shares will be offered by participating stockholders. The offering is being underwritten by Morgan Stanley & Co. Inc., JP Morgan Securities Inc., Leerink Swan LLC and Natixis Bleichroeder Inc. Proceeds will be used to fund development and precommercial activities for VIAject, a fast-acting injectable human insulin that currently is in two Phase III diabetes trials, as well as for other purposes. Based on a Tuesday closing price of $23.68, the deal could generate $77.2 million for Biodel. Shares of the company (NASDAQ:BIOD) fell $1.50, or 6.3 percent, to close at $22.18 on Wednesday.

• Glycotex Inc., of Washington, received $500,000 in the second tranche of a private financing. The first tranche brought in $1.6 million in February 2007. The second tranche was triggered by the FDA's clearance for Glycotex to begin a Phase IIa trial with GLYC-101 for burn wounds. Glycotex is a majority-owned subsidiary of Sydney, Australia-based Novogen Ltd.

• Theravance Inc., of South San Francisco, plans to publicly offer $150 million worth of unsecured convertible subordinated notes due 2015. Joint book-running managers Merrill Lynch & Co. and Goldman, Sachs & Co. will have the option to purchase an additional $22.5 million aggregate principal amount of notes to cover overallotments. Proceeds will be used for general corporate purposes, and the price, interest rate, conversion rate and other terms are to be determined. Shares of Theravance (NASDAQ:THRX) fell $1.78, or 8.2 percent, to close at $19.90 on Wednesday.

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