2008 Citi Investment Research Global Health Care Conference

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2 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the timing and results of our clinical trials, potential indications for our product candidates, development timelines and the future financial results. The Company s forward-looking statements t t are subject to anumber of known and unknown risks and uncertainties ti thatt could cause actual results, performance or achievements to differ materially from those described or implied in the forwardlooking statements, including, but not limited to, our ability to secure FDA approval for our product candidates under Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act; our ability to market, commercialize and achieve market acceptance for product candidates developed using our VIAdel technology; the progress or success of our research, development and clinical programs, the initiation and completion of our clinical trials, the timing of the interim analyses and the timing or success of our product candidates, particularly VIAject and VIAtab ; our ability to secure additional patents for VIAject and our other product candidates; our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; our estimates of future performance; our ability to enter into collaboration arrangements for the commercialization of our product candidates and the success or failure of those collaborations after consummation, if consummated; the rate and degree of market acceptance and clinical utility of our products; our commercialization, marketing and manufacturing capabilities and strategy; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; and other factors identified in our most recent quarterly and annual reports on Forms 10-Q and 10-K, respectively. The Company disclaims any obligation to update any forward-looking statements as a result of events occurring after the date of this press release. 1

3 Company Overview Experienced Focused Management Team Lead By Dr. Solomon Steiner (Founder NASDAQ: BIOD, EMIS, and MNKD preceded by PDC) Proprietary platform technology to modify protein delivery and kinetics Currently focused on multi-billion dollar enhanced insulin market Phase III product candidate with best in class profile Phase I, II & interim III safety data support a best in class clinical profile 505(b)(2) regulatory pathway Phase III enrollment complete with NDA expected end of

4 Pipeline to Fuel Continuing Growth Pre Clinical Phase I Phase II Phase III Approval Injectable prandial insulin (NDA 08) Diabetes Oral sublingual prandial insulin Oral sublingual PTH 1-34 Osteoporosis Oral sublingual calcitonin 3

5 Physiologic Insulin PK and Replacement Basal level of insulin to cover glucose from hepatic glucogenesis Long acting insulin (Lantus, Levemir) is the pharmacological replacement First Phase insulin release covers glucose from the GI tract and signals the liver to cease the production of glucose (hepatic glucogenesis) RA insulin (Novolog, Humlog and Apidra) is the pharmacological replacement 120 Plasm a Insulin (µu U/ml) Meal Meal Meal Time 4

6 An Improvement, But Current RA Insulins Still Do Not Mimic Normal PK Early ½ Tmax >20 min vs <10 min healthy Tmax >60 min vs <15 min healthy Late ½ Tmax >150 min vs <60 min healthy Taken from Humalog Package Insert 5

7 Unmet Clinical Needs Current therapies inadequately mimic First Phase Insulin Release Rapid Acting Insulin Analogs: Humalog NovoLog Apidra Insufficient i Glycemic Control Blindness Hyperglycemia: Cardiovascular and kidney disease Stroke Little material p differentation Nerve damage Amputation Weight gain Hypoglycemia: Loss of consciousness Coma and death 1.2 serious hypoglycemic gy events per patient per year 6

8 VIAject : Significant Advantages Over Current Therapies is an Ultra Rapid Acting Insulin Faster Absorption and Faster Clearance More closely mimics normal first phase PK Better able to cover rapid onset of glucose from meal More consistently shuts off hepatic glucogenesis Improved Glycemic Control Lower Dose Less Variability Less Hyper/ Hypoglycemia Safer Therapy Statistically significantly fewer hypoglycemic events 7

9 Insulin Market Growth Has Been Driven By Innovative New Product Classes 4,000 3,500 3,000 $ MM 2,500 2,000 1,500 Rapid Acting Long Acting Regular Insulin 1, E 2008 F 8

10 Superior Insulin Products Grow the Market and Take Share 2,500 US Basal Insulin Market Lantus has the longest 2,000 duration and flattest PK of all the basal insulins $ MM 1,500 1,000 VIAject has the shortest and most rapid PK profile of all the meal time insulins LANTUS LEVEMIR HUMULIN N NOVOLIN N 9

11 Market for Rapid-Acting Insulins 3.0 US & Top 5 European Markets 2.5 Proprietary Rapid Insulins 3 X Price of RHI 2.0 ($Bn) Humalog NovoLog Apidra 10

12 Insulin Absorption from the s.c. Tissue Cutis Subcutaneous Adipose Tissue Insulin Blood Vessels 11

13 Similar RA Technology has Led to Similar Results Novolog All 3 have modified the primary structure by 2 amino acids There is a limit to reengineering due to the need to maintain biological activity, specificity and avoid antibody formation Humalog, Apidra, 12

14 VIAject Technology - + I - + I Monomeric Insulin I - Neutral Charge 2 Zn 2+ I I EDTA Zn I - I - + Hexameric Insulin - Charged I + - I I I I

15 VIAject Absorption from the s.c. Tissue Cutis Monomeric Insulin Subcutaneous Adipose Tissue VIAject Blood Vessels 14

16 Intellectual Property The United States Patent and Trademark Office issued U.S. Patent No. 7,279,457 to Biodel Composition of matter patent This patent encompasses VIAject and VIAtab The patent t will expire in January, 2026 Multiple patents filed internationally All IP invented in-house 15

17 Clinical Program Objectives Regulatory: FDA Approval (FDA dictated RHI Comparator in Phase III) Commercial: Market Differentiation Phase II: vs. RHI and analog Phase III: vs. common RHI Yard Stick Phase IIIb: vs. analogs 16

18 Regulatory Path Typical Path Path New Chemical Entity Insulin + GRAS Ingredients Full NDA 505(b)(2) years to approval 4 6 years to approval $800+ M development cost $40 60M development cost Expected NDA Filing:

19 First Phase Insulin Release Response to an i.v. Glucose Challenge Plasma Insulin (µu/ml) Pfeifer et al., (30) Time (Minutes) Normal Type 2 18

20 Mean Normalized Insulin Concentration Percent (% %) Time (min) Humulin Humalog VIAject 19

21 Phase 1 VIAject v. Humalog Time (min) 0-5 Speed Advantage Over Comparator Humulin R % Improvement -15 Humalog 53% Improvement -32 Scale represents time to ½ t-max GIR; Dose = 12IU 20

22 Phase II Meal Study Pharmacokinetics PK-Parameters Parameters Humulin R Humalog VIAject p-value Early ½ Tmax (min) 33±4 a, c a, c 29 29±4 b, c b, c 13 a < ±1 a, b b < c = n.s. Ins Tmax (min) a < ± ±8 34±7 b < 0.02 c < Late ½ Tmax (min) a < ±16 217± ±1212 b < c <

23 Phase II Meal Study Better Glycemic Control Blood Glucose [mg/dl] ADA Limit Patient A All Conditions 160 Hyperglycemic Ideal Glycemic Control Hypoglycemic Glucose Infusion Time (Hours) Humulin R Humalog VIAject TM 22

24 Mean Curves Improved Postprandial Glycemic Control Patients Average Blood Glucose 160 RHI Humulin R od Glucose (m mg/dl) VIAject Lispro Humalog Blo Meal Time (min) Humulin R Humalog VIAject 23

25 Phase II Meal Study Less Glycemic Variability (mg/dl*min) 90,000 80,000 70,000 60, ,000 40,000 30,000 20,000 10,000 AUC Above and Below Normal Range Over 8 Hrs. ( mg/dl) 0 Humulin R Humalog VIAject 24

26 Phase II Meal Study Fewer Hypoglycemic Events # of Patient Hours Hours Post Dose Humulin R Humalog VIAject 25

27 Robust Phase 3 Study Design vs. Humulin R (per FDA EOP2) Two open label studies 400 Type 1 patients (1:1) 400 Type 2 patients (1:1) 6 month duration Non-inferiority HbA1c Safety (Hypoglycemia) Weight Dose 26

28 Phase III Data as of March 07 Significantly Fewer Mild & Moderate Hypoglycemic Events # of Hypoglycemic Events Type 1 Type 2 p<.01 Humulin R VIAject p<

29 Phase III Data as of March 07 Significant Weight Change 2.5 Mean weight change over 6 weeks (lbs.) lbs. mean weight difference -1.0 Humulin R VIAject 28

30 Phase III Data as of March 07 Change in % Prandial Dose- Type 1 & Type 2 Perc cent Chan nge Type 1 Type % 2.27 % (IU 0.21) NS (IU-6.28**) % **p<.01 (IU 0.86) NS (IU-22.79**) Humulin R % **p<.01 VIAject 29

31 Most Pivotal Trials Used RHI as a Comparator; Few Superiority Claims have Been Achieved Claim Versus RHI PK /PD (onset and offset of insulin level and effect) Safety (hypoglycemia) in Type I and dtype 2 Glycemic Control - HbA1C Best of Humalog, Novolog, Apridra Claims Superior to RHI Narrow superiority claim; A single trial demonstrated superiority it in just Type I for only nocturnal (12AM to 6AM) Equivalent to RHI Timing i Relative to a Meal Superior to RHI Weight Equivalent to RHI Dose Equivalent to RHI Post Prandial Glycemic Control Superior to RHI 30

32 Only a Apidra Has Used Another Mealtime Insulin as a Comparator - With no Advantage Versus Another RA Insulin Possible Claim Apridra O Only (vs Humalog ) PK /PD Equivalent Safety (hypo) Equivalent HbA1C Equivalent 31

33 VIAject's Profile May Be Superior to the other RA Insulins Possible Claim Best of Humalog, Novolog, Apridra Claims VIAject Targeted Claims (based on interim Phase III and Phase I & II results) PK /PD Superior to RHI Superior to RHI and Humalog Safety (hypo) Narrow Superiority Claim vs. RHI Broadly Superior vs. RHI HbA1C Equivalent to RHI Equivalent to RHI Meal Timing Superior to RHI Superior to RHI Weight Equivalent to RHI Superior to RHI Dose Equivalent to RHI Superior to RHI Post Prandial Glyc. Superior to RHI Superior to RHI and Humalog 32

34 Phase 3 Enrollment Complete for VIAject Completed enrollment of both Phase III studies in December of 2007 Enrolled in excess of 400 patients with Type 1 diabetes and 400 patients t with Type 2 diabetes Study completion expected July 2008 Data analysis expected 2nd half of 2008 NDA filing for complete VIAject suite of products expected by end of

35 Suite of VIAject Products VIAject A (liquid) Single Vial Fridge or Freeze Ship & Store VIAject B (lyo + diluent) Two Vials Room Temp. Ship & Store 100 IU/cc, 10cc 100 IU/cc, 10cc 25 IU/cc, 10cc 25 IU/cc, 10cc Pen Cartridge Presentations VIAject A (liquid) Single Cartridge Fridge or Freeze Ship & Store 100 IU/cc, Adult Pen 3cc, 1 IU Increment 25 IU/cc, Pediatric Pen 3cc, ¼ IU Increment 34

36 Financial Position 3/31/08 Shares Outstanding 23.6 MM Cash and Investments ($MM) $111.7 MM Second Quarter Net Loss $9.6 6MM 35

37 Thank you 36