GuruFocus Premium Membership

Serving Intelligent Investors since 2004. Only 96 cents a day.

Free Trial

Free 7-day Trial
All Articles and Columns »

BioDelivery Sciences International Inc. Reports Operating Results (10-Q)

August 09, 2010 | About:
10qk

10qk

18 followers
BioDelivery Sciences International Inc. (BDSI) filed Quarterly Report for the period ended 2010-06-30.

Biodelivery Sciences International Inc. has a market cap of $57.66 million; its shares were traded at around $2.4 with and P/S ratio of 0.92.

Highlight of Business Operations:

General and Administrative Expenses, net. During the three months ended June 30, 2010 and 2009, general and administrative expenses totaled $2.2 million and $1.6 million, respectively. General and administrative costs include legal and professional fees, office supplies, travel costs, compensation costs, consulting fees and business development costs.

Interest Income. During the three months ended June 30, 2010 and 2009 we had interest income of $0.004 million and $0.001 million, respectively.

General and Administrative Expenses, net. During the six months ended June 30, 2010 and 2009, general and administrative expenses totaled $4.1 million and $3.0 million, respectively. General and administrative costs include legal and professional fees, office supplies, travel costs, compensation costs, consulting fees and business development costs. During the six months ended June 30, 2010, we recorded a gain on settlement for a warrant from a related party which totaled approximately $0.4 million (See Note 5 to the accompanying financial statements). This is included in general and administrative, related party.

Interest Income. During the six months ended June 30, 2010 and 2009 we had interest income of $0.007 million and $0.02 million, respectively.

On May 10, 2010, we announced the approval of a New Drug Submission by Health Canada, the regulatory authority in Canada, for our ONSOLIS® product for the management of breakthrough pain in opioid tolerant, adult patients with cancer. ONSOLIS® is the first product approved in Canada for this indication. ONSOLIS® will be marketed in Canada by Meda Valeant Pharma Canada Inc., a joint venture between Meda and Valeant Canada Limited. We expect that ONSOLIS® will be launched in the third quarter of this year. Under the terms of its commercialization agreement with Meda regarding ONSOLIS®, we will receive a double-digit royalty on net sales. The first non-US approval triggered a payment due to QLT of $1,000,000. The Company made a payment to QLT of $750,000 in June 2010 with the remaining $250,000 expected to be paid in 2011.

At June 30, 2010, we had cash and cash equivalents of approximately $25.1 million. We used $4.6 million of cash from operations during the six months ended June 30, 2010. As of June 30, 2010, we had stockholders equity of $22.9 million, versus $14.5 million at December 31, 2009.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 2.8/5 (6 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK