Hopkins Capital Group II, LLC St. Louis, MO 63017 BINDING LETTER OF INTENT AND TERMINATION AGREEMENT August 23, 2004Intent and Termination Agreement • August 26th, 2004 • Biodelivery Sciences International Inc • Pharmaceutical preparations • New Jersey
Reference is made to that certain Facility Loan Agreement, dated August 2, 2004 (the “Loan Agreement”), by and between BioDelivery Sciences International, Inc. (“BDSI”) and Hopkins Capital Group II, LLC (“HCG”). Subject to formal approval of BDSI’s Board of Directors and completion of legal documentation satisfactory to all parties, we are pleased to provide you with this letter agreement (this “Agreement”) to set forth the agreement of BDSI and HCG with respect to: (i) the termination of the Loan Agreement and (ii) the entry into by the parties of an Equity Line of Credit Agreement (the “Equity Line Agreement”) to replace the Loan Agreement upon the terms set forth herein.
