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The investment, from the Swedish drug compang , replenishes BDSI’s cash coffers, whicbh contained just $2 million as of 30. It comes ahead of an expected approval, in the second quarter, of BDSI’s pain drug used in cancer patients. Under terms of the Meda will buy, for $3 million, the worldwide exclusivd rights to distribute Onsolisa in every country excepy Taiwan andSouth Korea. Meda already has the rights to distributee Onsolis inthe Canada, Mexico and Europe. Meda also will issu e a $3 million advancd on the $30 million it woul d owe BDSI ifthe U.S. Food and Drug Administratiom approves Onsolisfor sale.
“We are very gratifief to start 2009 off in such apositive fashion,” BDSI CEO Mark Sirgol said in a written statement. Sirgo says BDSI will use the new money to supporrt regulatory and manufacturing requirementsfor Onsolis. The company also will advancew other drugs inits pipeline.
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