Biodel brings registered offering; Emisphere seeks $7.07 million; Darnley Bay closes unit sale

By Stephanie N. Rotondo

Portland, Ore., Aug. 25 - Biodel Inc. brought a nearly $9.5 million registered direct offering of units to market on Wednesday.

Emisphere Technologies Inc., another U.S. issuer, said it planned to raise more than $7 million from a private placement of stock. The company has already lined up one investor who has subscribed for half of the total amount.

Meanwhile, Darnley Bay Resources Ltd. took in more than C$4 million from a private placement of units. The raising included a fully subscribed for greenshoe.

Ivanhoe Australia Ltd. also wrapped a deal, taking in A$38 million. The company said it was also seeking another A$250 million via an entitlement offering.

Biodel brings registered offering

Biodel, a Danbury, Conn.-based biopharmaceutical drug delivery company, announced a $9.43 million registered direct offering of units.

The company is selling approximately 2.4 million units at $3.93 each. The units hold one common share and one warrant.

The warrants are exercisable at $4.716 until one year after the 21st day following the PDUFA date relating to the new drug application for Biodel's product candidate, VIAject. Biodel expects the PDUFA date to be Oct. 30.

The strike price represents a 20% premium to the Aug. 24 closing share price of $3.93.

Settlement is expected by Aug. 30.

Biodel's shares (Nasdaq: BIOD) fell 13 cents, or 3.31%, to $3.80. Market capitalization is $91.17 million.

Emisphere seeks $7.07 million

Emisphere Technologies intends to raise $7.07 million via a private placement of equity, according to a regulatory filing and press release.

MHR Fund Management LLC is investing $3.53 million.

The company will issue approximately 6.99 million common shares at $1.01 each. Investors will also receive warrants for another 5.25 million shares.

The price per share is a 23.48% discount to the Aug. 24 closing share price of $1.32.

The warrants are exercisable at $1.26 for five years, representing a 4.55% discount to the Aug. 24 closing share price.

"Proceeds from these transactions will be used to fund the company's operations, (including investments in new product development and commercialization), to satisfy certain debts of the company, to settle certain outstanding litigation and to meet the company's obligations as they may arise," the press release said.

Emisphere's stock (OTCBB: EMIS) dropped 31 cents, or 23.48%, to $1.01. Market capitalization is $43.36 million.

Emisphere Technologies is a Tarrytown, N.Y.-based biopharmaceutical company.

Darnley completes unit sale

Darnley Bay Resources raised C$4.25 million from a private placement of units, the company said in a press release.

The deal originally priced at C$3 million with a C$1 million greenshoe on July 26. The greenshoe was upsized to C$1.25 million on Aug. 5.

Darnley Bay sold 10.63 million units at C$0.40 each. The units contained one flow-through common share and one half-share warrant.

Whole warrants are exercisable at C$0.45 for two years. The strike price is an 18.42% premium over the July 23 closing share price of C$0.38.

Proceeds will be used for exploration and development.

Darnley's shares (TSX Venture: DBL) was unchanged at C$0.36. Market capitalization is C$33.39 million.

Darnley Bay Resources is a Toronto-based base metals and diamonds exploration and development company.

Ivanhoe raises A$38 million

Melbourne, Australia-based Ivanhoe Australia pocketed A$38 million from a private placement of equity.

The company issued approximately 13.19 ordinary shares at A$2.88 per share, a 2.13% premium over the A$2.82 closing share price on Aug. 24.

Additionally, investors received 6.6 million options. The options are exercisable at A$3.38 until Sept. 20, 2011.

The strike price is a 19.86% premium over the Aug. 24 closing share price.

Also, Ivanhoe raised A$250 million via an entitlement offer.

Ivanhoe's equity (Australia: IVA) closed at A$2.65.

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