Olshan client Broadfin Capital has closed on its 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).
BioDelivery Sciences International, Inc. is a development-stage biotechnology company that is developing and seeking to commercialize a drug delivery technology.
Broadfin Capital, LLC is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in public equity markets.
The Olshan team that advised Broadfin Capital in connection with its investment in BDSI included Steve Wolosky (Picture), Kenneth Mantel and Mohammad Malik.
Law Firms: Olshan Frome Wolosky LLP;
Clients: Broadfin Capital, LLC;