BioDelivery Sciences Announces Pricing of $50 Million Equity Financing

BioDelivery Sciences International (NASDAQ:BDSI) announced that it has entered into definitive agreements with existing institutional and other accredited investors to purchase an aggregate of approximately $50 million worth of BDSI’s newly designated Series B Non-Voting Convertible Preferred Stock (Series B Stock) in a registered direct offering.

As quoted in the press release:

The Series B Stock is being sold for $10,000 per share, and each share of Series B Stock will be convertible into a number of shares of BDSI common stock determined by dividing $10,000 by $1.80.  Although BDSI will receive the proceeds of the offering at closing, the Series B Stock will not be convertible into common stock until BDSI receives stockholder approval of the transaction for Nasdaq Stock Market purposes as well as stockholder approval of an increase in BDSI’s authorized shares of common stock.

The offering is expected to yield total gross proceeds of $50 million to BDSI, before deducting placement agent fees and other estimated offering expenses.  The closing of the offering is expected to take place on or about May 21, 2018, subject to the satisfaction of certain customary and other negotiated closing conditions described in the prospectus supplement to be filed with the U.S. Securities and Exchange Commission (SEC) in connection with the offering.

Click here to read the full press release.