BDSI prices $15 million private placement

BioDelivery Sciences International, Inc. (Nasdaq: BDSI) announces that it has received definitive commitments from institutional investors for a private placement financing yielding gross proceeds of $15 million to BDSI.  The financing is expected to close today.  

Under the terms of a securities purchase agreement entered into with the investors, BDSI will sell an aggregate of 4,807,693 shares of its common stock at a price equal to $3.12 per share, representing a 10% discount to an agreed upon volume weighted average price of BDSI's stock.  BDSI has agreed to register the shares sold in the financing with the U.S. Securities and Exchange Commission.

Proceeds from this financing are expected to be used to progress the clinical development of BDSI's pipeline of products, particularly BEMA Buprenorphine and BEMA Buprenorphine/Naloxone.  The proceeds also strengthen BDSI's balance sheet as the company progresses through commercial partnering negotiations for BEMA Buprenorphine.

William Blair & Company, LLC acted as the exclusive placement agent for the offering.

BDSI also announces it has filed its Annual Report with the SEC on Form 10-K for the fiscal year ended December 31, 2010.  Such Form 10-K is available on the SEC's website at www.sec.gov.

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