Getting its first product, a painkiller, approved for sale was a triumph for BioDelivery Sciences.

Champagne corks popped at BDSI Thursday, the day the Food and Drug Administration let the small Raleigh drug development company know that Onsolis, a potent pain patch for cancer patients, had passed all regulatory hurdles. On Friday, analysts congratulated BDSI CEO Mark Sirgo during a conference call. By Monday, BDSI expected to have about $27 million more in the bank, a payment its Swedish partner Meda promised upon regulatory approval of Onsolis.

“It’s been a long haul,” Sirgo told analysts in the call Friday. “This is a fantastic day for our company.”

So why did BDSI’s stock drop 5 percent on a day when it should have risen?

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