BioDelivery Sciences raises $50M in registered direct offering

Neurology company BioDelivery Sciences International Inc. (NASDAQ:BDSI) raised $50 million in a registered direct offering through the sale of 5,000 shares of series B non-voting convertible preferred stock at $10,000 per share. The offering was led by Broadfin Healthcare Master Fund.

Each share is convertible into 5,556 common shares at a conversion price of $1.80. The price is an 8% discount to BioDelivery's close of $1.95 on May 16, the day before it proposed the offering...