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The investment, from the Swedish drug companyy , replenishes BDSI’s cash coffers, which containerd just $2 million as of Sept. 30. It comes aheadx of an expected approval, in the second of BDSI’s pain drug Onsolis, used in cancer Under terms ofthe deal, Meda will buy, for $3 the worldwide exclusive rights to distribute Onsolis in everg country except Taiwan and South Meda already has the rights to distribut e Onsolis in the U.S., Canada, Mexico and Europe. Meda also will issure a $3 million advance on the $30 millionn it would owe BDSI ifthe U.S. Food and Drug Administrationb approves Onsolisfor sale.
“We are very gratifier to start 2009 off in such apositive fashion,” BDSI CEO Mark Sirg o said in a written statement. Sirgo says BDSI will use the new monety to support regulatory and manufacturinv requirementsfor Onsolis. The company also will advance other druga inits pipeline.
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