BioDelivery Sciences International Inc., a specialty pharmaceutical company, recently announced it has received definitive commitments from institutional investors for a private placement financing with gross proceeds totaling $15 million. The transaction is slated to close today.
Per the securities purchase agreement, BioDelivery will sell an aggregate 4,807,693 shares of its common stock at a purchase price of $3.12 per share, a 10 percent discount to an agreed-upon volume-weighted average price of the company’s stocks.
BioDelivery has allotted the financing toward the progression of the clinical development of its product pipeline, with a focus on BEMA Buprenorphine and BEMA Buprenorphine/Naloxone. Proceeds are expected to strengthen the company’s balance sheet as it works through partnering negotiations for BEMA Buprenorphine.
The company also announced it has filed its Annual Report with the SEC on Form 10-K for the fiscal year ended December 31, 2010, available on the SEC’s Web site at www.sec.gov.
BioDelivery held a conference call to discuss the financing components of the company’s 10-K; an update on its product pipeline; commercial outlook for Onsolis, the company’s approved product for the management of pain in adults with cancer; and anticipated milestones for 2011.
A replay of the conference call is available on BioDelivery’s Web site, www.bdsi.com