Biodelivery Sciences International (MM) (NASDAQ:BDSIW)
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From Jun 2019 to Jun 2024
BioDelivery Sciences International, Inc. (NASDAQ:BDSI)
(NASDAQ:BDSIW) announced today that it has closed an additional $2.5
million secured convertible debt financing from Laurus Master Fund,
Ltd. ("Laurus"). The financing announced today follows a $2.5 million
financing from Laurus which the company received in February 2005. Net
proceeds from the financing will be used primarily to support BDSI's
research, development and commercialization opportunities and for
general working capital purposes.
The financing closed today is very similar to the February Laurus
financing. Like the prior financing, the investment takes the form of
a convertible note secured by substantially all of BDSI's assets. The
note has a 3-year term and bears interest equal to prime plus 2% per
annum. The note is convertible, under certain conditions, into shares
of BDSI common stock at a price equal to $3.10 per share (which is the
same conversion rate as in the February financing). In connection with
the financing, BDSI issued Laurus a common stock purchase warrant to
purchase up to 483,871 shares of BDSI common stock at a price equal to
$3.88 per share (which is the same exercise price as the warrants
issued to Laurus in connection with the February financing). BDSI has
agreed to register the shares of common stock underlying the note and
the warrant with the SEC. BDSI will file a Form 8-K Report with the
SEC, which will include copies of the Laurus agreements.
Dr. Mark A. Sirgo, President and COO of BDSI, stated, "We are
pleased to continue our productive relationship with Laurus. These
financings have allowed us to maintain positive momentum on our stated
corporate objectives, including moving our BEMA(TM) Fentanyl
formulation toward Phase III trials and our Bioral(R) Amphotericin B
and BEMA(TM) Long Acting Analgesic formulations to IND filings by year
end."
BioDelivery Sciences International, Inc. is a specialty
biopharmaceutical company that is exploiting its licensed and patented
drug delivery technologies to develop and commercialize, or partner
with third parties on, clinically-significant new formulations of
proven therapeutics, nutraceuticals and micronutrients. The company's
drug delivery technologies include: (i) the patented Bioral(R)
nanocochleate technology, designed for a potentially broad base of
applications, and (ii) the patented BEMA(TM) (transmucosal or mouth)
drug delivery technology being developed by the company's Arius
Pharmaceuticals subsidiary. Arius is developing products for the
"acute" treatment opportunities such as pain, anxiety, nausea and
vomiting, and infections. The company's headquarters are located in
Morrisville, North Carolina and its principal laboratory is located in
Newark, New Jersey.
Note: Except for the historical information contained herein, this
press release contains, among other things, certain forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, that involve risks and uncertainties. Such
statements may include, without limitation, statements with respect to
the Company's plans (including, without limitation, its initiation of
clinical trials and the FDA approval process), objectives,
expectations and intentions and other statements identified by words
such as "may", "could", "would", "should", "believes", "expects",
"anticipates", "estimates", "intends", "plans" or similar expressions.
These statements are based upon the current beliefs and expectations
of the Company's management and are subject to significant risks and
uncertainties, including those detailed in the Company's filings with
the Securities and Exchange Commission. Actual results may differ from
those set forth in the forward-looking statements. These
forward-looking statements involve certain risks and uncertainties
that are subject to change based on various factors (many of which are
beyond the Company's control).
L.G. Zangani, LLC provides financial public relations service to
the Company. As such L.G. Zangani, LLC and/or its officers, agents and
employees, receives remuneration for public relations and or other
services in the form of monies, capital stock in the Company, warrants
or options to purchase capital in the Company.