By Sheri Kasprzak
Atlanta, Feb. 23 - BioDelivery Sciences International Inc. said it has raised $2.5 million in a private placement of a convertible note.
Laurus Master Fund Ltd. purchased the note, which bears interest at Prime rate plus 200 basis points, matures in three years and is convertible into common stock at $3.10 each.
Laurus also received warrants for up to 350,000 shares at $3.88 each.
Based in Morrisville, N.C., BioDelivery Sciences is a specialty biopharmaceutical company focused on drug-delivery technologies to develop and commercialize therapeutics, nutraceuticals and micronutrients.
| Issuer: | BioDelivery Sciences International Inc.
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| Issue: | Convertible note
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| Amount: | $2.5 million
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| Maturity: | Three years
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| Coupon: | Prime rate plus 200 basis points
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| Conversion price: | $3.10
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| Warrants: | For 350,000 shares
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| Warrant strike price: | $3.88
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| Investor: | Laurus Master Fund Ltd.
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| Settlement date: | Feb. 22
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| Stock price: | $3.01 at close Feb. 22
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