BDSI Secures Additional $2.5 Million Financing With Laurus Master Fund
2005年6月3日 - 8:00PM
ビジネスワイヤ(英語)
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.
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