April 21, 2010 (FinancialWire) — BioDelivery Sciences International, Inc. (NASDAQ: BDSI), a specialty pharmaceutical company, said that it has entered into a definitive securities purchase agreement with a group of institutional investors to purchase $10 million of its securities in a registered direct offering.

The company said that no placement agent was utilized in connection with the offering.

Under the terms of the securities purchase agreement, BDSI will sell an aggregate of 2,824,858 shares of its common stock at a price of US$3.54 per share and issue warrants to acquire an aggregate of 1,412,429 shares of common stock, which warrants will have an exercise price of $4.67 per share.

The warrants will be immediately exercisable following their issuance and will expire on the fifth anniversary of the date of issuance, according to BDSI.

BDSI said it plans to use the proceeds from the transaction for the continued clinical development of the company’s product candidate pipeline, including BEMA Buprenorphine, for general corporate and working capital purposes and to generally maintain a positive cash position during commercial partnering discussions throughout the year.

The offering is scheduled to close before April 23.

North Carolina-based BioDelivery Sciences is a specialty pharmaceutical company that is leveraging its patented drug delivery technologies to develop and commercialize, either on its own or in partnerships with third parties, new applications of proven therapeutics.

BDSI is focusing on developing products to meet unmet patient needs in the areas of pain management and oncology supportive care.

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