BioDelivery Sciences International, Inc. (NASDAQ:BDSI) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On May 22, 2020, BioDelivery Sciences International, Inc. (the “Company”) and its subsidiaries drew down an additional $20 million (the “Second Tranche”) to its previously disclosed loan agreement (the “Loan Agreement”) with BPCR LIMITED PARTNERSHIP (as successor-in-interest to BioPharma Credit plc), dated May 23, 2019 (the “Loan Agreement Effective Date”). As previously disclosed, the Loan Agreement provides for a senior secured credit facility consisting of a term loan of $60 million with the option to draw the Second Tranche within twelve months of the Loan Agreement Effective Date.

The description of the Loan Agreement in Item 1.01 of the Company’s Current Report on Form 8-K filed on May 28, 2019 is incorporated herein by reference. The foregoing description of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the Loan Agreement, which is filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.

About BioDelivery Sciences International, Inc. (NASDAQ:BDSI)

BioDelivery Sciences International, Inc. is a specialty pharmaceutical company. The Company develops and commercializes, either on its own or in partnerships with third parties, applications of approved therapeutics to address unmet medical needs using drug delivery technologies. The Company develops pharmaceutical products aimed principally in the areas of pain management and addiction. The Company’s products utilize the BioErodible MucoAdhesive (BEMA) drug delivery technology, a small, erodible polymer film for application to the buccal mucosa (the lining inside the cheek). The Company’s United Sates Food and Drug Administration (FDA) approved product, ONSOLIS (fentanyl buccal soluble film), as well as its approved products BUNAVAIL (buprenorphine and naloxone buccal film) buccal film and BELBUCA (buprenorphine) buccal film, utilize BEMA technology.