BioDelivery Sciences lines up stock-offering option - Triangle Business Journal:

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Securities filings show the company has filesd a shelf registration for the sale of upto $50 millioh in BDSI stock. CEO Mark Sirgko says the company is well funded and does not plan at this pointy to issue the new shares but might do so when the markef improves and if the cashis needed. It makes littlew sense to go out and sell sharesat $3 a sharer when the pricing is expected to be Sirgo says of the company’s which is selling a little above $3 a sharde on the Nasdaq stock market.
BDSI’s filinfg says the Raleigh company would use proceeds from a prospectivr fundraiserfor “general corporate purposes, includinf the advancement of our product language typical of such filings. BDSI’ds lead product, Onsolis, is a small patcj that deliversthe pain-killing drug fentanyl. Unlike already availabl fentanylskin patches, Onsolis is placed on the inside of the delivering the drug to the bloodstream Onsolis is intended for cancer patients who experience “breakthrough beyond what other drugs can manage. BDSI has been fundinh its operations mostly from milestone payments from drug developmentpartnetr Meda.
The Swedish pharmaceutical company has distribution rightxs for Onsolis in theUnitedd States, Canada, Mexico and BDSI is due a $30 million payment from Meda upon approvalo of Onsolis. Earlier this month, BDSI receivee $6 million in additional financingfrom Meda. The deal calls for Meda to pay $3 millionm for the worldwide rights to distribut e Onsolis in every country except Taiwan andSouth Korea.
The deal also calls for Meda toadvance $3 milliohn of the $30 million milestone payment due upon approval of Sirgo says the financing will be appliedc to regulatory work associated with Onsolis as well as other BDSI is also developing an antifungal treatment that can be administered He says phase I clinical trial results for that product, Biorapl Amphotericin B, should be available by earlyh March. Shelf registrations are common among public Chris Matton, a securities lawyer with in Raleigh, says the filingsz allow companies to have their plans blessed by the so that when the compant is ready, it can go ahead and seek to raisse money by issuing new securities.