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BioDelivery Sciences Announces $40 Million Registered Financing
Date:11/28/2012

RALEIGH, N.C., Nov. 28, 2012 /PRNewswire/ -- BioDelivery Sciences International, Inc. (Nasdaq: BDSI) announces that it has received definitive commitments from institutional investors (including existing investors of the company) for an at market registered direct financing yielding gross proceeds of $40 million to BDSI. The financing is expected to close on December 3, 2012, subject to customary closing conditions. 

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Under the terms of subscription agreements entered into with the investors, BDSI will sell an aggregate of 6,791,887 shares of its common stock at a price equal to $4.21 per share, and 2,709,300 shares of newly designated Series A Convertible Preferred Stock (Series A Preferred) at a price of $4.21 per share. The shares of common stock and Series A Preferred are being sold at the consolidated closing bid price of BDSI's common stock on November 27, 2012.

The Series A Preferred is being used in the financing as an accommodation to those investors who desire to not own in excess of 9.98% of BDSI's outstanding voting securities following the financing.  The Series A Preferred is non-voting and carries a liquidation preference of $0.001 per share. Each share of Series A Preferred is convertible into one share of BDSI's common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of BDSI shares of common stock outstanding following conversion.  

Proceeds from this financing are expected to be used to fund completion of the Phase 3 clinical development program for BEMA Buprenorphine for chronic pain and progress BEMA Buprenorphine/Naloxone (BNX) for opioid dependence to the submissio
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