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BioPharma Credit makes new loan to BioDelivery Sciences

BioPharma Credit makes new loan to BioDelivery Sciences – BioPharma Credit has entered into a  senior secured term loan agreement for up to US$80 million with BioDelivery Sciences International, Inc. (Nasdaq: BDSI), a commercial-stage specialty pharmaceutical company with a current market capitalisation of approximately US$400 million. In addition, BioPharma Credit bought 5,000,000 BDSI shares at US$5.00 each for a total cost of US$25 million in a public offering that priced on 11 April 2019.

The first tranche of the loan for US$60 million was funded yesterday and an additional tranche of US$20 million is available for draw by May 2020 at BDSI’s option. The loan will mature in May 2025 and bears interest at LIBOR plus 7.5 per cent., along with 2 per cent. additional consideration. The loan is secured by substantially all of BDSI’s assets.

About BioDelivery Sciences International

BDSI utilizes its novel and proprietary BioErodible MucoAdhesive (BEMA®) technology, to develop and commercialize new applications of proven therapies aimed at addressing important unmet medical needs. BDSI’s leading products include:

  • BELBUCA® buprenorphine buccal film), CIII, a partial opioid agonist, approved by the U.S. Food and Drug Administration (FDA) in October 2015 for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. BELBUCA is a Schedule III medicine. Schedule III medicines are considered by the U.S. Drug Enforcement Agency (DEA) to have less potential for abuse than Schedule II medicines such as fentanyl, hydrocodone, morphine and oxycodone.
  • Symproic® (naldemedine) tablets 0.2 mg approved by the FDA in March 2017 for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g., weekly) opioid dosage escalation. On 4 April 2019, BDSI acquired the exclusive right to commercialize Symproic in the U.S. for OIC from Shionogi, Inc.

BDSI has guided to 2019 revenue of US$92 million to US$100 million, up from US$51.4 million in 2018. As of 31 March 2019, BDSI had US$41.3 million of cash and liquid investments and on 11 April 2019 raised US$50 million of additional cash via a sale of equity. Proceeds from this financing, along with available cash on hand, were used to repay and retire the company’s existing term loan with CRG Servicing LLC which had an outstanding balance of US$61.8 million and a maturity date of December 2022.

BPCR : BioPharma Credit makes new loan to BioDelivery Sciences

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