BioDelivery Sciences has secured up to $7 million in financing as part of a drug development deal.
Clinical Development Capital has agreed to provide the funding as BioDelivery takes its proposed drug Bema Fentanyl to Phase III clinical trial. The drug is intended to treat severe pain related to cancer.
BioDelivery has said it plans to launch the trials later this year.
In exchange for the investment, Clinical Development Capital will receive a milestone payment and royalties, BioDelivery said in a statement.
