Discovery Labs Announces Completion of $14.25 Million Public Offering
WARRINGTON, Pa., May 15, 2013 /PRNewswire/ -- Discovery Laboratories, Inc. (NASDAQ: DSCO) today announced that it has completed its previously announced public offering to sell an aggregate of 9.5 million shares of its common stock under Discovery Labs' previously filed registration statement that was declared effective by the Securities and Exchange Commission on June 21, 2011. The offering remains subject to the underwriter's 30-day option to purchase up to an additional 1.425 million shares of common stock to cover over-allotments, if any. Each share was issued and sold at a public offering price of $1.50 per share.
As a result of the offering, Discovery Labs has received net proceeds of approximately $13.2 million, after deducting underwriting discount and other estimated fees and expenses related to the offering. The net proceeds will be used primarily to support the commercial introduction of SURFAXIN® drug product and the AFECTAIR® aerosol-conducting airway connector for infants, to advance the Company's AEROSURF® development program, as well as for general corporate purposes.
Stifel acted as the sole book-running manager for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Discovery Laboratories, Inc. nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained at the Securities and Exchange Commission web site at http://www.sec.gov, or from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104 or via telephone at (415) 364-2500.
About Discovery Labs
Discovery Laboratories, Inc. is a specialty biotechnology company focused on advancing a new standard in respiratory critical care. Discovery Labs' novel proprietary KL4 surfactant technology produces a synthetic, peptide-containing surfactant that is structurally similar to pulmonary surfactant. Discovery Labs is also developing its proprietary drug delivery technologies to enable efficient delivery of aerosolized KL4 surfactant and other inhaled therapies. Discovery Labs' strategy is initially focused on neonatology and improving the management of respiratory distress syndrome (RDS) in premature infants. Discovery Labs believes that its RDS product portfolio has the potential to become the new standard of care for RDS and, over time, significantly expand the current worldwide RDS market.
For more information, please visit the Company's website at www.Discoverylabs.com.
To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Examples of such risks and uncertainties, including those related to Discovery Labs' securities offering and its development programs, are described in Discovery Labs' filings with the Securities and Exchange Commission including the most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto.
SOURCE Discovery Laboratories, Inc.