BioDelivery Sciences get payment deferral on $5 million convertibles

By Sheri Kasprzak

New York, Jan. 3 - BioDelivery Sciences International, Inc. said it received payment deferrals on $5 million in convertible notes.

Investor Laurus Master Fund, Ltd. agreed to defer monthly principal payments on notes issued in February and May 2005 until July 1.

For the deferral, Laurus received warrants for 39,576 shares, exercisable at $3.88 each through Dec. 28, 2012 and for 29,700 shares, exercisable at $3.88 each through Dec. 28, 2012.

On Feb. 23, 2005, BioDelivery issued a $2.5 million note and on June 3, 2005, the company issued a $2.5 million note.

The notes bear interest at Prime plus 200 basis points, mature in three years and are convertible into common shares at $3.10 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.

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