BioDelivery Sciences Receives $2M Milestone Payment
Posted February 16, 2006 3:40 a.m. EST
MORRISVILLE, NC — BioDelivery Sciences
has received a $2 million payment after achieving contractual milestones in development of a new treatment for pain.
BioDelivery received the money from CDC IV, LLC, an affiliate of Clinical Development Capital. The company will receive up to $7 million as it proceeds with Phase III clinical trials of its patented means of delivering the narcotic Fentanyl with an oral patch.
According to BioDelivery, the Phase III clinical trials "are proceeding as planned." The company expects to complete the trials the second half of this year.