UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT


 Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported) March 28, 2003



                    BioDelivery Sciences International, Inc.
         ---------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                       0-28931                   35-2089858
----------------------------   ------------------------     --------------------
(State or other jurisdiction    (Commission File Number)       (IRS Employer
    of incorporation)                                        Identification No.)



        UMDNJ Medical School
  185 South Orange Avenue, Bldg #4
         Newark, New Jersey                                   07103
       -----------------------                       -----------------------
(Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code  (973) 972-0015
                                                  --------------------


                                 Not Applicable
                             -----------------------
          (Former name or former address, if changed since last report)



<PAGE>



Items 9 and 12. Other Events and Regulation FD Disclosure; Results of Operation
and Financial Condition.

On March 28, 2003, BioDelivery Sciences International, Inc., a Delaware
corporation (the "Company"), filed its Annual Report on Form 10-KSB (the
"10-KSB") with the Securities and Exchange Commission. On April 1, 2003, the
Company issued a press release summarizing its financial and operational results
for its fiscal year ended December 31, 2002.

In footnote 2 to the financial statements appearing in the 10-KSB, the Company
disclosed that it entered into a licensing agreement with a company (which is a
shareholder), which license included an up-front non-refundable payment of $2
million, which was received in January 2003. The Company has deferred the
revenue and will recognize it over the period of the related research and
development commitment. The agreement also provides for milestone payments. This
license agreement was previously disclosed via a Current Report on Form 8-K,
dated January 7, 2003, at which time the Company requested confidential
treatment with respect to, among other matters, such $2 million payment.
Notwithstanding such confidential treatment request, the Company has disclosed
such payment as part of its 10-KSB and this Current Report.


Item 7. Financial Statements and Exhibits.

Set forth below is a list of Exhibits included as part of this Current Report.

99.1 Press Release of the Company, dated March 31, 2003, summarizing its
     financial and operational results for its fiscal year ended December 31,
     2002.



                                      # # #



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                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.


April 1, 2003                 BIODELIVERY SCIENCES INTERNATIONAL, INC.



                              By: /s/ Francis E. O'Donnell, Jr.
                                  ----------------------------------
                                  Name:  Francis E. O'Donnell, Jr.
                                  Title: President and Chief Executive Officer





<PAGE>



EXHIBIT 99.1

BioDelivery Sciences Int., Inc.                     L. G. ZANGANI, LLC
NASDAQ: BDSI                              Nine Main Street, Flemington, NJ 08822
                                            (908) 788-9660 Fax: (908) 788-4024
                                                E-mail: office@zangani.com
                                             Web site: http://www.zangani.com

For Release:      IMMEDIATELY

Contact: Francis E. O'Donnell, Jr., M.D   Susan Bonitz, Ph.D.  Kevin Nally
         President and CEO                LG Zangani, LLC      L.G. Zangani, LLC
         973-972-0015                     908-788-9660         908-788-9660


                                  NEWS RELEASE
________________________________________________________________________________

                    BioDelivery Sciences International, Inc.
                              Reports 2002 Results
         Net loss per share for 2002 was $.51, compared to $1.15 in 2001.

Newark, New Jersey,  April 1, 2003 - BioDelivery  Sciences  International,  Inc.
(NASDAQ:BDSI;  BDSIW) today announced results for its fiscal year ended December
31, 2002.

In 2002, BDSI had sponsored  research revenue of $828,000,  compared to $478,000
in  2001.  Virtually  all  revenue  in both  years  was  from a  Small  Business
Innovation Research Grant from the National Institutes of Health.

In June,  2002,  BDSI  completed  its  initial  public  offering,  resulting  in
approximately $8.6 million, net of offering costs of approximately $2.4 million.

At  December  31,  2002,  BDSI's  financial  condition  includes  cash  and cash
equivalents  totaling  approximately  $5.2  million,  compared to  approximately
$76,000 at December 31, 2001.  In addition,  the Company had a receivable  of $2
million from a sublicense  agreement,  which  sublicense  agreement  the Company
announced on January 7, 2003 and which was collected in January 2003.

James A. McNulty, BDSI's Chief Financial Officer, reported, "Our efforts in 2002
to  advance  our lead  proprietary  product,  Bioral(TM)  Amphotericin  B are on
target, with almost two years completed of the three-year NIH Grant. Our initial
public  offering was  successful  and our financial  structure  will finance our
expected costs through 2004. Staffing at our Newark, New Jersey laboratory is in
place.  We are finalizing  some laboratory  improvements  and needed  scientific
equipment  purchases,  with  financing  commitments  currently  in place,  which
improvements  we expect to be finished by mid-2003.  We will  continue to manage
costs  and  available  resources  as we  pursue  outlicensing  of  our  delivery
nanotechnology for applications in pharmaceuticals,  vaccines, gene therapy, OTC
drugs,  nutraceuticals,  supplements and, through our Bioral Nutrient  Delivery,
LLC subsidiary, processed food and beverages."

BioDelivery  Sciences  International,  Inc. is a  biotechnology  company that is
developing and seeking to commercialize a patented delivery  technology designed
for a  potentially  broad base of  pharmaceuticals,  vaccines,  over-the-counter
drugs,  nutraceuticals  and  micronutrients  in processed  foods and  beverages.
Additional details relating to BDSI's financial and operational results for 2002
may be  found  in its  Annual  Report  on Form  10-K for  2002,  filed  with the
Securities and Exchange  Commission on March 28, 2003.  Such Report is available
free of  charge  via  EDGAR at the  SEC's  website,  www.sec.gov.  and at BDSI's
website, www.bdsinternational.com.                   -----------
         ------------------------



<PAGE>

Note: Except for the historical information contained herein, this press release
contains forward-looking  statements that involve risks and uncertainties.  Such
statements are subject to certain factors, which may cause the Company's results
to differ.  Factors that may cause such differences include, but are not limited
to, the  Company's  ability to  accurately  forecast  the demand for each of its
licensed  technology  and  products  associated  therewith,  the  gross  margins
achieved  from the sale of those  products and the expenses and other cash needs
for the upcoming periods, the Company's ability to obtain raw materials from its
contract  manufacturers  on a timely  basis if at all,  the  Company's  need for
additional funding,  uncertainties regarding the Company's intellectual property
and other  research,  development,  marketing and  regulatory  risks and certain
other factors that may affect future  operating  results and are detailed in the
company's filings with the Securities and Exchange Commission.

L.G. Zangani, LLC provides financial public relations service to the Company. As
such L.G.  Zangani,  LLC and/or its  officers,  agents and  employees,  receives
remuneration  for public  relations and or other services in the form of monies,
capital  stock in the  Company,  warrants or options to purchase  capital in the
Company.