SpaceDev Attracts Institutional Investor

(SpaceDev) - Raises $2.8 Million in Private Financing

POWAY, CA - SpaceDev, Inc. (OTCBB: SPDV) announced that it has entered into a Stock Purchase Agreement and Stockholder Agreement with Loeb Partners Corporation, a New York based investment firm. Pursuant to the Stock Purchase Agreement, SpaceDev issued and sold 3,750,000 shares of SpaceDev common stock in a private transaction to Loeb for $2,812,500, or $0.75 per share, an above market price at the time of the transaction.

“We are very pleased to have completed this financing with Loeb Partners and to have them express confidence in our business plan and future opportunities,” said Mark N. Sirangelo, Chairman and CEO of SpaceDev. “As we look to 2008 and beyond, having investment partners, such as Loeb, opens expansion possibilities for SpaceDev. We appreciate the vote of confidence that Loeb has placed in SpaceDev and its management team and we look forward to their continued support as we grow our Company.”

About Loeb Partners Corporation
Loeb Partners Corporation and its affiliates are members of a family of privately owned companies engaging in a variety of different businesses, including a registered broker/dealer, investment advisors and private investment vehicles available to institutions and high net worth participants. Loeb’s management strategies include engaging in arbitrage, event driven and deep value investing, distressed security transactions, special situations, and private equity.

About SpaceDev
SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information please visit www.spacedev.com.