Mar 20 2010
BioDelivery Sciences International, Inc. (Nasdaq:BDSI) has filed its 
      Annual Report with the U.S. Securities and Exchange Commission on Form 
      10-K for the fiscal year ended December 31, 2009. Such Form 10-K is 
      available on the SEC’s website at www.sec.gov.
    
“We believe that the going concern opinion is driven more by the 
      requirements of the accounting rules as opposed to what we believe are 
      the promising prospects for our company”
    
      In addition, and in compliance with Nasdaq Marketplace Rule 5250(b)(2), 
      the company disclosed a going concern qualification from its independent 
      registered public accounting firm, Cherry, Bekaert & Holland, L.L.P. 
      Nasdaq Rule 5250(b)(2) requires the separate disclosure of an audit 
      opinion that contains a going concern qualification. Under current 
      guidance, a going concern qualification means that, in the opinion of 
      the auditing firm on the day they render their opinion, the company may 
      not have sufficient cash and other resources available to run the 
      business for the next twelve to fifteen months. Although BDSI had more 
      than $23 million in cash on hand as of December 31, 2009, the going 
      concern qualification was anticipated by the company given the company’s 
      strategic plan that calls for more aggressive spending in support of its 
      product pipeline in 2010 and beyond.
    
    
      “We believe that the going concern opinion is driven more by the 
      requirements of the accounting rules as opposed to what we believe are 
      the promising prospects for our company,” stated Dr. Mark A. Sirgo, 
      President and Chief Executive Officer of BDSI. “Although we now have a 
      product on the market and significantly more cash on hand than we did a 
      year ago, similar to last year, the going concern opinion was 
      anticipated and not uncommon for maturing companies like ours with 
      products in development. As a result of our efforts, we are hopeful to 
      have three product candidates entering Phase 3 trials in early 2011, 
      including: (1) BEMA Buprenorphine (low dose) for chronic pain; (2) BEMA 
      Buprenorphine (high dose) for the treatment of opioid dependence; and 
      (3) BEMA Granisetron for the prevention of cancer therapy induced nausea 
      and vomiting. At this time, our main recurring revenue source is from 
      royalties we receive on our marketed product ONSOLIS, which only 
      recently launched in the U.S. It is still too early in the launch cycle 
      to allow for a consistent or precise forecasting of our revenue, 
      especially given the current regulatory landscape which we have 
      previously outlined. Regardless, we have always maintained that our 
      ONSOLIS royalties will not alone fund our strategic plan for developing 
      our pipeline of products and growing our company; rather we believe that 
      ONSOLIS will allow for a sound foundation around which we can grow the 
      company.”
    
    
      Dr. Sirgo continued, “From a revenue perspective, in addition to 
      royalties from sales of ONSOLIS in the U.S. in 2010 and into 2011, we 
      also anticipate a $5 million milestone from our commercial partner Meda 
      in conjunction with the approval and launch of ONSOLIS in Europe, 
      royalties from sales of ONSOLIS that we expect to commence following 
      launches in the E.U. and Canada, and the potential for a significant 
      upfront payment related to a BEMA Buprenorphine commercial partnership. 
      We believe that the achievement of these milestones will allow us to 
      continue to build value for our stockholders.”
    
    
      Source BioDelivery Sciences International