RALEIGH, N.C., Feb. 13, 2014 /PRNewswire/ -- BioDelivery Sciences International, Inc. (Nasdaq: BDSI) announced that it has closed its previously announced registered direct offering with a select group of institutional investors under which such investors have purchased an aggregate of 7,500,000 shares of BDSI's common stock yielding gross proceeds of $60 million to BDSI.
The lead investor in the financing was Federated Kaufmann, a family of mutual funds. Three current institutional stockholders of BDSI also participated in the financing.
Proceeds from this financing are expected to be used for:
- Execution of the sales, marketing and other commercialization and product supply chain activities to support the anticipated second half 2014 launch of BUNAVAIL™, BDSI's treatment for opioid dependence which is currently under review by the FDA with a June 7, 2014 PDUFA date, and that BDSI is actively preparing to commercialize on its own;
- for the initiation this quarter of the Phase III clinical program for Clonidine Topical Gel for the treatment of painful diabetic neuropathy, along with the overall clinical and regulatory advancement of this product;
- for support of BDSI's existing partnered products;
- for potential acquisition of clinical stage or marketed products in the therapeutic areas of central nervous system, addiction and pain medicine, to complement BDSI's current product pipeline;
- and for general working capital purposes.