Investor MidCap Financial receives warrants for 357,143 common shares
By Devika Patel
Knoxville, Tenn., July 8 - BioDelivery Sciences International, Inc. said it has negotiated a $20 million senior secured loan agreement with an affiliate of MidCap Financial, LLC.
The loan matures in three years. It accrues interest at 8.45% plus a Libor floor of 50 basis points.
MidCap also received warrants for 357,143 common shares, which are each exercisable at $4.20. The strike price is a 4.76% discount to the July 5 closing share price of $4.41.
Proceeds will strengthen the cash position as BioDelivery moves toward the submission of a New Drug Application for BUNAVAIL and the completion of the two Phase 3 clinical studies for BEMA Buprenorphine for chronic pain, the latter of which would result in milestone payments to BioDelivery from its commercial partner, Endo Health Solutions.
Based in Raleigh, 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.
|
| Issue: | Senior secured loan
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| Amount: | $20 million
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| Maturity: | Three years
|
| Coupon: | 8.45% plus a Libor floor of 50 bps
|
| Warrants: | For 357,143 shares
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| Warrant strike price: | $4.20
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| Investor: | MidCap Financial, LLC
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| Settlement date: | July 8
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| Stock symbol: | Nasdaq: BDSI
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| Stock price: | $4.41 at close July 5
|
| Market capitalization: | $172.5 million
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