UPDATE 1-Biodel says FDA accepts diabetes drug application

* Co expects a drug review date of Oct. 30

* Shares up 15 pct in premarket trade

March 1 (BestGrowthStock) – Biodel Inc (BIOD.O: ) said the U.S.
health regulator accepted for review the marketing application
for its experimental diabetes drug VIAject, sending its shares
up 15 percent in premarket trade.

The company said it expects the regulatory action date for
the VIAject application to be Oct. 30.

VIAject is a formulation of regular human insulin that is
designed to be absorbed into the blood faster than currently
marketed rapid-acting insulin products, the company said.

The company, which is trying to get VIAject approved for
meal-time use by people with Type 1 or Type 2 diabetes, had
submitted the marketing application for the drug on Dec. 30
2009.

Shares of the company were up 15 percent to $4.59 in
trading before the bell. They closed at $3.99 Friday on
Nasdaq.

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(Reporting by Esha Dey in Bangalore; Editing by Aradhana
Aravindan)

UPDATE 1-Biodel says FDA accepts diabetes drug application