BioDelivery Sciences Announces $40M in Financing Commitments

BioDelivery Sciences International, Inc.

announces that it has received definitive commitments from institutional investors (including existing investors of the company) for an at market registered direct financing yielding gross proceeds of $40 million to BDSI. The financing is expected to close on December 3, 2012, subject to customary closing conditions.  (Logo: http://photos.prnewswire.com/prnh/20110217/CL49801LOGO) Under the terms of subscription agreements entered into with the investors, BDSI will sell an aggregate of 6,791,887 shares of its common stock at a price equal to $4.21 per share, and 2,709,300 shares of newly designated Series A Convertible Preferred Stock (Series A Preferred) at a price of $4.21 per share. The shares of common stock and Series A Preferred are being sold at the consolidated closing bid price of BDSI's common stock on November 27, 2012. The Series A Preferred is being used in the financing as an accommodation to those investors who desire to not own in excess of 9.98% of BDSI's outstanding voting securities following the financing.  The Series A Preferred is non-voting and