BioDelivery Sciences to raise $50M in equity financing

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BioDelivery Sciences International Inc. is looking to raise about $50 million via the sale of preferred stock.

The series B stock, priced at $10,000 each, will be convertible into common shares of the company at $1.80 apiece.

The transaction is expected to close May 21 with William Blair & Co. LLC acting as the sole placement agent in the offering.

Raleigh, N.C.-based BioDelivery Sciences develops and commercializes pharmaceutical products mainly for pain management and addiction.