By Sheri Kasprzak
Atlanta, June 3 - BioDelivery Sciences International, Inc. said Laurus Master Fund, Ltd. has purchased an additional $2.5 million convertible note in a private placement.
On Feb. 23, BioDelivery sold a $2.5 million note to Laurus and had the option to sell another $2.5 million note.
The note bears interest at Prime rate plus 200 basis points, matures in three years and is convertible into common shares at $3.10 each.
Laurus also received warrants for up to 483,871 shares, exercisable 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. The proceeds will be used for research, development and commercialization. The remainder will be used for working capital.
| Issuer: | BioDelivery Sciences International, Inc.
|
| Issue: | Convertible note
|
| Amount: | $2.5 million
|
| Maturity: | May 31, 2008
|
| Coupon: | Prime rate plus 200 basis points
|
| Conversion price: | $3.10
|
| Call: | Anytime at 130% of par
|
| Warrants: | For 483,871 shares
|
| Warrant strike price: | $3.88
|
| Investors: | Laurus Master Fund, Ltd.
|
| Settlement date: | May 31
|
| Stock price: | $3.16 at close June 1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
