BioDelivery Sciences is a specialty pharmaceutical company that is leveraging its proprietary and patented drug delivery technologies to develop and commercialize new applications of proven therapeutics. It plans to do so either on its own or in partnership with other firms. The company's current focus is on therapeutics in the areas of pain management and addiction.
The company announced today a strengthening of its cash position through securing a $20 million senior secured loan from an affiliate of MidCap Financial LLC. The loan has a term of 3 years with interest only payments for the first six months. The interest rate is 8.45% plus a LIBOR floor of 0.5%. MidCap Financial was also issued a warrant to purchase 357,143 shares of common stock with an exercise price of $4.20 a share.
The strengthening of its cash position is important for BioDelivery Sciences International as the company moves toward the submission of a New Drug Application (NDA) for its BUNAVAIL drug for the treatment of opioid dependence and the completion of the two Phase 3 clinical studies for BEMA Bupenorphine for chronic pain. The completion of the Phase 3 clinical studies will result in milestone payments to the company from its partner, Endo Health Solutions.
The additional cash will also be used to advance the company's clinical program for Clonidine Topical Gel for the treatment of diabetic neuropathy. It is targeting Phase 2B initiation by the end of 2013 and to have clinical data from the trial by the end of next year. For further information about BioDelivery Sciences International's pipeline, please visit www.bdsi.com.
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