By Ronda Fears
Nashville, Sept. 30 - BioDelivery Sciences International Inc. sold a downsized follow-on offering of 4.4 million shares, reduced from initial plans to sell 7 million shares, at $2.00 each - discounted from Thursday's close of $2.04.
Ferris Baker Watts Inc. is bookrunner of the deal.
The Morrisville, N.C., company plans to use proceeds to fund the continued development of its two leading drug candidates and for general corporate purposes, including working capital.
BioDelivery focuses on acute treatment opportunities such as pain, anxiety, nausea and vomiting and infections. Its drug delivery technologies include the patented Bioral nanocochleate technology, designed for a potentially broad base of applications, and the patented Bema (transmucosal or mouth) drug delivery technology.
| Issuer: | BioDelivery Sciences International Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $8.8 million
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| Shares: | 4.4 million
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| Greenshoe: | 660,000 shares
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| Price: | $2.00 per share
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| Bookrunner: | Ferris Baker Watts Inc.
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| Co-managers: | Maxim Group LLC and GunnAllen Financial Inc.
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 5
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| Ticker: | BDSI
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| Stock price: | $2.04 at close Sept. 29
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