BDSI Sciences to purchase $10M of securities in registered direct offering

NewsGuard 100/100 Score

BioDelivery Sciences International, Inc. (Nasdaq:BDSI), a specialty pharmaceutical company, announced that it has entered into a definitive securities purchase agreement with a group of select institutional investors to purchase US$10 million of its securities in a registered direct offering. No placement agent was utilized in connection with the offering.

Under the terms of the securities purchase agreement, BDSI will sell an aggregate of 2,824,858 shares of its common stock at a price of US$3.54 per share and issue warrants to acquire an aggregate of 1,412,429 shares of common stock, which warrants will have an exercise price of $4.67 per share. The warrants will be immediately exercisable following their issuance and will expire on the fifth anniversary of the date of issuance.

Proceeds from the transaction are expected be used for the continued clinical development of BDSI's product candidate pipeline, including BEMA Buprenorphine, for general corporate and working capital purposes and to generally maintain a positive cash position during commercial partnering discussions throughout the year. The offering is expected to be consummated on or before April 23, 2010, subject to customary closing conditions.

Source:

 BioDelivery Sciences International

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment
Post

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

You might also like...
Crinecerfont: A promising compound for reducing corticosteroid dependence in CAH patients