RALEIGH, N.C., May 22, 2018 (GLOBE NEWSWIRE) -- BioDelivery Sciences International, Inc. (NASDAQ:BDSI) today announced it has closed its previously announced $50 million registered direct offering of newly designated Series B Non-Voting Convertible Preferred Stock. The offering closed on May 21, 2018, yielding net proceeds of $48.9 million to BDSI.

As previously announced, as part of the financing closing, Broadfin Capital Managing Partner Kevin Kotler joined BDSI’s board, along with pharmaceutical industry veterans Todd Davis and Peter Greenleaf, who were selected by Broadfin.

Furthermore, Peter Greenleaf has been named as Chairman of the BDSI Board of Directors effective immediately. Mr. Greenleaf is currently the Chief Executive Officer of Cerecor, Inc. (NASDAQ:CERC), and previously served as the Chief Executive Officer of Sucampo Pharmaceuticals, Inc. through its sale to Mallinckrodt PLC in February 2018. Dr. O’Donnell will remain as member of the board of directors and the company would like to recognize him for his many years of service as Chairman.

“I welcome the opportunity to lead the BDSI Board of Directors at a very exciting time in the company’s evolution and behind a new CEO, a newly reconstituted Board, and a significantly strengthened balance sheet,” said Peter Greenleaf. “I look forward to working collaboratively with the Board and management to build shareholder value and to take the company to the next level.”

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.