BioDelivery Sciences International, Inc. (NASDAQ:BDSI) has notified CDC IV, LLC (CDC), an affiliate of Clinical Development Capital and Care Capital of Princeton, New Jersey and a partner on BDSI’s Phase III BEMA(TM) Fentanyl, of its claim that CDC has breached the July 2005 Clinical Development and License Agreement between BDSI and CDC (the “CDLA”) by repeatedly and willfully refusing to: (1) convene or designate its representatives to the Development Committee required under the CDLA, despite BDSI’s numerous requests to do so and (2) respond to repeated requests from BDSI for collaboration with BDSI management on the BEMA(TM) Fentanyl program as provided for under the CDLA. BDSI further claims that CDC has willfully refused (despite BDSI’s requests) to comply with the requirements of the negotiated dispute resolution provisions clearly outlined in the CDLA.
