Broadfin Capital Closes on Agreements with BioDelivery Sciences on Comprehensive Plan to Strengthen Business

Olshan client Broadfin Capital announced that it has closed on its previously announced agreements with BioDelivery Sciences International, Inc. (NASDAQ: BDSI) providing for the reconstitution of BDSI’s board of directors and a $50 million equity financing led by Broadfin.  Pursuant to the agreements, Broadfin Managing Partner Kevin Kotler and two other independent directors selected by Broadfin joined BDSI’s board of directors, and four members of the board voluntarily retired, leaving the size of the board at seven directors (also including BDSI’s newly-appointed CEO).  Olshan Shareholder-Activism Co-chair Steve Wolosky and partner Kenneth Mantel advised Broadfin Capital in connection with its investment in BDSI.