BioDelivery Sciences (“BDSI”®) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. They are utilizing a novel and proprietary BioErodible MucoAdhesive (BEMA®) and other drug delivery technologies to develop and commercialize, either on their own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs. Their development strategy focuses on utilization of the Food and Drug Administration’s (FDA’s) 505(b)(2) approval process. This regulatory pathway allows them to potentially obtain more timely and efficient approval of new formulations of previously approved therapeutics. Their particular area of focus is the development and commercialization of products in the areas of pain management and addiction medicine. These are areas where they believe their drug delivery technologies and products can best be applied to address critical unmet medical needs. Their marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain, painful diabetic neuropathy and opioid dependence. They look to improve upon existing drugs by enhancing their efficacy and/or ease of administration, or create new therapies, all with the ultimate goal of enhancing patient care.