RALEIGH, N.C., May 17, 2018 (GLOBE NEWSWIRE) -- BioDelivery Sciences International, Inc. (NASDAQ:BDSI) today announced that it has entered into definitive agreements with existing institutional and other accredited investors to purchase an aggregate of approximately $50 million worth of BDSI’s newly designated Series B Non-Voting Convertible Preferred Stock (Series B Stock) in a registered direct offering.

The Series B Stock is being sold for $10,000 per share, and each share of Series B Stock will be convertible into a number of shares of BDSI common stock determined by dividing $10,000 by $1.80. Although BDSI will receive the proceeds of the offering at closing, the Series B Stock will not be convertible into common stock until BDSI receives stockholder approval of the transaction for Nasdaq Stock Market purposes as well as stockholder approval of an increase in BDSI’s authorized shares of common stock.

The offering is expected to yield total gross proceeds of $50 million to BDSI, before deducting placement agent fees and other estimated offering expenses. The closing of the offering is expected to take place on or about May 21, 2018, subject to the satisfaction of certain customary and other negotiated closing conditions described in the prospectus supplement to be filed with the U.S. Securities and Exchange Commission (SEC) in connection with the offering.

William Blair & Company, L.L.C. is acting as the sole placement agent for the offering.

About BioDelivery Sciences International

BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA^®) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.

BDSI's marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain, and opioid dependence. BDSI's headquarters is in Raleigh, North Carolina.