BDSI INVESTOR OVERVIEW

A Rapidly Growing Commercial

Stage Specialty Pharmaceutical
Company Dedicated to Patients
Living with Chronic Pain

January 2019
January 2019 |
© 2018 BioDelivery Sciences International, Inc. All Rights Reserved.
Forward Looking Statements
Certain statements contained in this presentation or in other documents of BioDelivery Sciences International, Inc. (the “Company”), along with certain statements that
may be made by management of the Company orally in presenting this material, may contain “forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historic or current facts. They use words such as
"estimate," "expect," "intend," "believe," "plan," "anticipate," “projected” and other words and terms of similar meaning in connection with any discussion of future
operating or financial performance or condition. These statements are based upon the current beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties. Statements regarding future action, future performance and/or future results including, without limitation, those relating
to the timing for completion, and results of, scheduled or additional clinical trials and the FDA’s or other regulatory review and/or approval and commercial launch and
sales results (if any) of the Company’s formulations and products and regulatory filings related to the same, and receipt by the Company of milestone and royalty
payments may differ from those set forth in the forward-looking statements. Peak sales and market size estimates have been determined on the basis of market
research and comparable product analysis, but no assurances can be given that such sales levels will be achieved, if at all, or that such market size estimates will
prove accurate.

Because actual results are affected by these and other potential risks, contingencies and uncertainties, the Company cautions investors that actual results may differ
materially from those expressed or implied in any forward-looking statement. It is not possible to predict or identify all such risks, contingencies and
uncertainties. The Company identifies some of these factors in its Securities and Exchange Commission (“SEC”) filings on Forms 10-K, 10-Q and 8-K, and investors
are advised to consult the Company’s filings for a more complete listing of risk factors, contingencies and uncertainties effecting the Company and its business and
financial performance.

The Company assumes no obligation to update forward-looking statements as circumstances change. Investors are advised to consult further disclosures that the
Company makes or has made on related subjects in the Company's Form 10-K, 10-Q and 8-K reports.

In presenting this material or responding to inquiries in connection with a presentation, management may refer to results, projections or performance measures that
are not prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) as reported in the Company’s SEC filings. These results, projections or
performance measures are Non-GAAP measures and are not intended to replace or as a substitute for results measured under GAAP, but rather as supplement to
the GAAP reported results.

January 2019 | 2
BioDelivery Sciences (NASDAQ: BDSI) Significant Near
Term Growth Potential

A rapidly growing commercial stage

specialty pharmaceutical company
dedicated to patients living with chronic
pain:

• Portfolio of approved commercialized

products

• Capitalizing on the growth potential of

BELBUCA®

• Solid financial position

January 2019 | 3
Company Fundamentals

• The first and only approved CIII long-acting opioid for the treatment of
chronic pain utilizing buccal film technology
Accelerating
BELBUCA Growth
• Addresses a significant unmet need in the management of chronic
pain

Organizational • Highly experienced senior management team in place

Development
• Reconstituted Board of exceptionally qualified independent directors

• Cash & Equivalents: $49.5 M (as of September 30, 2018)

Financial Position
• Shares Outstanding: 70.7 M shares (as of November 8, 2018)

January 2019 | 4
Significant Portion of U.S. Population Experience Pain

Prevalence in the US population Exceeds that of diabetes, heart disease, and cancer
is 30.7%2,a combined1

Incidence of chronic diseases

Pain (Number of Americans affected)
30.7%
Coronary
Diabetes heart disease Cancer
~100
MILLION1

Prevalence of chronic pain in the U.S. ~ 29.1 ~ 15.5 ~ 14.5

MILLION3 MILLION4 MILLION5

Population-weighted point prevalence of chronic pain in a cross-sectional, Internet-

based survey of self-reported chronic pain in US adults conducted from mid-December
2008 through mid-February 2009 with 27,035 respondents. Defined as a ≥6-month
duration of pain.

Chronic pain affects people of various ages, races and ethnicities, and sociodemographic strata6

1. IOM (Institute of Medicine). Relieving Pain in America: A Blueprint for Transforming Prevention, Care, Education, and Research. Washington, DC: National Academies Press; 2011; 2. Johannes CB, et al. J Pain.
January
2010;11:1230-1239; 3. Centers for Disease Control and Prevention. National Diabetes Statistics Report: Estimates of Diabetes and Its Burden in the United States, 2014. Department of Health and Human Services; 2014; 4. 2019 | 5
Mozaffarian D, et al. Circulation. 2015;131:e29-e322; 5. American Cancer Society. Cancer Treatment and Survivorship Facts & Figures 2014-2015. American Cancer Society; 2014; 6. Cano A, et al. J Pain. 2006;7:459-468.
Significant Limitations With Current Leading Treatments
Particularly the Potential For Addiction and Debilitating Side Effects

Drug Overdose Deaths by Type of Drug Impact of Current Leading Opioid Brands

• Over 2.5 million people in the U.S. with opioid

dependence1

• Drug overdose is now the leading cause of

accidental death in the U.S.2

• Nearly 20,000 deaths are from prescription

opioids 2

1 SAMHSA 2016 Opioid Addiction Facts & Figures

2 CDC January 2019 | 6
BELBUCA Has Unique and Desirable Profile
Well Suited for Front Line Treatment of Chronic Pain
BELBUCA is indicated for the management
of pain severe enough to require daily,
around-the-clock, long-term opioid
treatment for which alternative treatment
options are inadequate.

Proven efficacy in chronic pain

Reduced risk of dependency – CIII

Placebo like tolerability

Lower risk of respiratory depression

Individualized titration with range of 7

film strengths

Visit www.BELBUCA.com for important safety information.

January 2019 | 7
BELBUCA® Growth Opportunity
Well Positioned to Meet the Needs of Chronic Pain Patients

• Highly effective with proven sustained pain relief

• Unique delivery system that bypasses the first-pass

metabolism in the gastrointestinal tract

• Exclusivity through 2027 and high barriers to entry

• Prevalence of chronic pain is growing

• Significant long term market opportunity > $200M

1 https://www.ncbi.nlm.nih.gov/books/NBhttps://www.ncbi.nlm.nih.gov/books/NBK92516/K92516/
January 2019 | 8
BELBUCA Proven Effective Chronic Pain Relief
Registration Trials – Difficult to Treat Patients
Percentage Improvement in NRS Pain Score From Prior
to Open-Label Titration to Study Endpoint

BELBUCA n=243 Placebo n=248

Opioid Experienced Patient

Cumulative Percentage of Patients with Response

Study (<160 mg MSE):
64%
Twice as many patients taking △33%
P<0.0001
BELBUCA® experienced at least a
39% △22%
50% reduction in pain score at week 31% P<0.0001

12 versus patients taking placebo

17%

≥ 30% ≥ 50%

Percentage Improvement in NRS

January 2019 | 9
BELBUCA - Favorable Safety Profile; Comparable to Placebo

Side Effect BELBUCA (N=254) Placebo (n=256)

Nausea 7% 7%

Constipation 3% 1%

Vomiting 5% 2%

Headache 2% 3%

Dizziness 2% <1%

Somnolence 1% <1%

Drug Withdrawal Syndrome 4% 10%

BELBUCA (buprenorphine) buccal film [package insert]. 2015.

The most common adverse reactions (>5%) reported by patients treated with BELBUCA in the clinical trials were nausea, constipation, headache, vomiting, fatigue, dizziness,
somnolence, diarrhea, dry mouth, and upper respiratory tract infections. See www.BELBUCA.com for more information including full prescribing information. January 2019 | 10
The LAO Market Remains Very Large
Provides Significant Long Term Commercial Opportunity for BELBUCA
TOTAL MONTHLY PRECRIPTIONS - LONG ACTING OPIOIDS
1,400,000

1,200,000

1,000,000
TRx Count

800,000

600,000

400,000

200,000

Month

Source: Symphony Health, Monthly total prescriptions (retail)

January 2019 | 11
 BELBUCA growth has accelerated and is consistently
reaching new all-time highs
Symphony Health, Monthly total prescriptions (retail)

Total monthly prescriptions BELBUCA

20,000
18,620
18,160
18,000

16,000 15,490
14,880
13,803
TRx Count

14,000 12,794
12,278
12,000
10,171 10,418
10,000
8,553 8,365
8,000

6,000
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18

January 2019 | 12
 BELBUCA has strong new-to-brand market share growth
NBRx market share is significantly ahead of TRx market share within LAOs

BELBUCA NBRx Share of LAO Market

6.0%

5.0% 5.1%
5.0%
4.4%
4.0%
4.0%
3.5% 3.4%
2.9%
3.0% 2.7%
2.2%
1.9%
2.0%
1.6%

1.0%

0.0%
Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018

IQVIA NPA MD

January 2019 | 13
BELBUCA Rapidly Becoming Buprenorphine Brand of Choice
Considerable Opportunity for Further Growth
50,000 35.0%

45,000
30.0%
40,000

35,000 25.0%

30,000
20.0%
25,000
15.0%
20,000

15,000 10.0%
10,000
5.0%
5,000

0 0.0%
2018-Jan 2018-Feb 2018-Mar 2018-Apr 2018-May 2018-Jun 2018-Jul 2018-Aug 2018-Sep 2018-Oct 2018-Nov

Buprenorphine Patch TRx Count BELBUCA Market Share

January 2019 | 14
Majority of BELBUCA Growth Sourced from CII Opioids
Significant Market Potential

1.80%
1.60%
1.40% BELBUCA Market Share

1.20%
1.00%
0.80%
BELBUCA
0.60%
0.40%
0.20%

January 2019 | 15
Expanding base of HCPs prescribing BELBUCA
Symphony Health

Unique Prescribers New Prescribers

4,500 400

350
4,000
300

3,500 250

200
3,000 150

100
2,500
50
2,000 0

January 2019 | 16
Expanding Patient Access to BELBUCA is a Key Priority to Further
Growth – Remove HCP Obstacles

Pull-through formulary wins

Maximize Current Coverage Push-through prior authorization obstacles

Preferred; no step-through

Improve Commercial
National Coverage Medicare Part D

Regional Payers
Expand Regional Coverage State Medicare

Blues

January 2019 | 17
Drove BELBUCA preferred access to over 100M patients from 8M
during 2018

1H18 2H18

ProCareRx Added: Preferred, no step-through Express Scripts Added: Preferred; no step-

through

United Healthcare Improved: Removal of step-through OptumRx Added: Preferred; no step-through

CVS/Caremark Improved: Preferred, no step-through, Envision Added: Preferred; no step-through

Butrans step-through BELBUCA

Humana Added: Preferred/No PA required, no step-

through

Ohio Workers Comp Added: Preferred, no step-through

January 2019 | 18
Demonstrated ability to pull-through Market Access wins
Symphony Health
Humana Example in 1Q18

BELBUCA MONTHLY TRX

2,000
1,800
1,600 Humana Plan Added
in March 2018
1,400
1,200
1,000
800
600
400
200
0
2018-Jan 2018-Mar 2018-May 2018-July 2018-Sep 2018-Nov

January 2019 | 19
BELBUCA Rapidly Improving Market Access
Significant Further Upside Remains

% Commercial Covered Lives with Access to % Medicare Covered Lives with Access
BELBUCA as Preferred Medication to BELBUCA as Preferred Medication
60% 40%
52%
35%
50%
30%
40% 24%
25%

30% 20%

15%
20%
10%
10% 3%
3% 5%

0% 0%
December 2017 January 2019 December 2017 January 2019

Source: Managed Markets Insights & Technology, LLC. January 2019 | 20

Strategic Plan to Drive Long-Term Sustained BELBUCA Growth
Implementation Starting 2H 2018

Key Growth Levers:

Sales Team Expansion

Amplify Market Access Status

Medical Information Development

Consumer Engagement

January 2019 | 21
Additional Commercialized Products -
Contributing Revenue to Reinvest

BUNAVAIL ®
Indicated for the treatment of opioid dependency
Leveraged our capabilities to capitalize on commercial synergies with BUNAVAIL ®
for a focused commercial approach targeting identified healthcare providers

ONSOLIS®
Indicated for the treatment of breakthrough pain in opioid tolerant patients with cancer
Marketed under the brand name BREAKYL™ in the E.U. and PAINKYL in Taiwan
Assessing options for U.S. commercialization of ONSOLIS

January 2019 | 22
Highly Experienced Executive Leadership Team

Herm Cukier Scott Plesha Ernest DePaolantonio James Vollins Joseph Lockhart Thomas Smith, MD
CEO President CFO General Counsel, CCO SVP, Operations CMO

January 2019 | 23
Investment Summary – Rapidly Growing and Well Positioned for
Sustained Momentum

• BELBUCA® - The first and only CIII approved drug for the
management of chronic pain using buccal technology

• Addresses an important medical need in the treatment of

chronic pain with a differentiated profile

• Market exclusivity through 2027 and high barriers of entry

NASDAQ: BDSI • Strong cash position

• Experienced Management Team

• Longer term market opportunity > $200M

1 https://www.ncbi.nlm.nih.gov/books/NBhttps://www.ncbi.nlm.nih.gov/books/NBK92516/K92516/
January 2019 | 24