Discovery Laboratories, Inc. Announces 2000 Financial Results

Apr 02, 2001, 01:00 ET from Discovery Laboratories, Inc.

    DOYLESTOWN, Pa., April 2 /PRNewswire/ --
 Discovery Laboratories, Inc. (Nasdaq:   DSCO) (Discovery) announced today that
 it has filed its results for the year ended December 31, 2000 with the
 Securities and Exchange Commission on Form 10-KSB.
     For the 12 months ended December 31, 2000, net loss was approximately
 $10.86 million, or $0.58 per share, versus approximately $4.96 million, or
 $0.66 a share for 1999.  Research and development expenditures for 2000 were
 $7.36 million as compared to $2.90 million in 1999.  This increase in research
 and development in 2000 was due primarily to the Company's entry of
 Surfaxin(R) into late stage clinical development.
     At December 31, 2000, cash and investments totaled approximately
 $18.87 million.  Weighted average common shares outstanding for the year ended
 December 31, 2000, were approximately 18.81 million versus approximately
 7.55 million for the comparable 1999 period.
     "We were pleased with the progress we made in 2000," said Robert
 J. Capetola, Ph.D., President and Chief Executive Officer of Discovery.  "We
 look back on 2000 as an important year in which we advanced our lead compound
 Surfaxin(R) into a pivotal Phase 3 clinical trial for meconium aspiration
 syndrome (MAS) and proceeded with a Phase 2 clinical trial for acute
 respiratory distress syndrome (ARDS).  We look forward to beginning a new
 Phase 3 clinical trial in idiopathic respiratory distress syndrome (IRDS) in
 premature infants in the near future."
     During 2000, Discovery successfully completed a private placement
 financing with net receipts of approximately $17.5 million.  This financing
 should enable Discovery to complete its currently contemplated clinical
 trials.  In addition, Discovery was awarded a $1 million Fast Track SBIR grant
 to develop Surfaxin(R) for ARDS.
     Discovery is a bio-pharmaceutical company whose mission is to develop and
 commercialize medically novel therapeutics for critical care.  Presently,
 Discovery is developing Surfaxin(R) to treat RDS, MAS in full-term babies,
 ARDS and acute lung injury (ALI); and SuperVent(TM) to treat cystic fibrosis.
 Surfaxin(R) is currently the subject of a pivotal Phase 3 clinical trial in
 MAS and a Phase 2 trial in ARDS.  Surfaxin(R) was licensed by Discovery from
 Johnson and Johnson and was originally invented at The Scripps Research
 Institute.  More information about Discovery is available on the company's web
 site at:  http://www.discoverylabs.com.
     To the extent that statements in this press release are not strictly
 historical, including statements as to the Company's business strategy,
 outlook, objectives, plans intentions, goals, future financial conditions,
 future collaboration agreements, the success of the Company's product
 development, or otherwise as to future events, such statements are
 forward-looking, and are made pursuant to the safe harbor provisions of the
 Private Securities Litigation Reform Act of 1995.  The forward-looking
 statements contained in this release are subject to certain risks and
 uncertainties that could cause actual results to differ materially from the
 statements made.  Among the factors which could affect the Company's actual
 results and could cause results to differ from those contained in the
 forward-looking statements contained herein are the risk that financial
 conditions may change, the risk that the Company will not be able to raise
 additional capital or enter into additional collaboration agreements, risks
 relating to the progress of the Company's research and development and the
 development of competing therapies and/or technologies by other companies.
 Those associated risks and others are further described in the Company's
 periodic filings with the Securities and Exchange Commission including the
 most recent reports on Form 10-KSB, 8-K and 10-QSB, and amendments thereto.
 
 

SOURCE Discovery Laboratories, Inc.
    DOYLESTOWN, Pa., April 2 /PRNewswire/ --
 Discovery Laboratories, Inc. (Nasdaq:   DSCO) (Discovery) announced today that
 it has filed its results for the year ended December 31, 2000 with the
 Securities and Exchange Commission on Form 10-KSB.
     For the 12 months ended December 31, 2000, net loss was approximately
 $10.86 million, or $0.58 per share, versus approximately $4.96 million, or
 $0.66 a share for 1999.  Research and development expenditures for 2000 were
 $7.36 million as compared to $2.90 million in 1999.  This increase in research
 and development in 2000 was due primarily to the Company's entry of
 Surfaxin(R) into late stage clinical development.
     At December 31, 2000, cash and investments totaled approximately
 $18.87 million.  Weighted average common shares outstanding for the year ended
 December 31, 2000, were approximately 18.81 million versus approximately
 7.55 million for the comparable 1999 period.
     "We were pleased with the progress we made in 2000," said Robert
 J. Capetola, Ph.D., President and Chief Executive Officer of Discovery.  "We
 look back on 2000 as an important year in which we advanced our lead compound
 Surfaxin(R) into a pivotal Phase 3 clinical trial for meconium aspiration
 syndrome (MAS) and proceeded with a Phase 2 clinical trial for acute
 respiratory distress syndrome (ARDS).  We look forward to beginning a new
 Phase 3 clinical trial in idiopathic respiratory distress syndrome (IRDS) in
 premature infants in the near future."
     During 2000, Discovery successfully completed a private placement
 financing with net receipts of approximately $17.5 million.  This financing
 should enable Discovery to complete its currently contemplated clinical
 trials.  In addition, Discovery was awarded a $1 million Fast Track SBIR grant
 to develop Surfaxin(R) for ARDS.
     Discovery is a bio-pharmaceutical company whose mission is to develop and
 commercialize medically novel therapeutics for critical care.  Presently,
 Discovery is developing Surfaxin(R) to treat RDS, MAS in full-term babies,
 ARDS and acute lung injury (ALI); and SuperVent(TM) to treat cystic fibrosis.
 Surfaxin(R) is currently the subject of a pivotal Phase 3 clinical trial in
 MAS and a Phase 2 trial in ARDS.  Surfaxin(R) was licensed by Discovery from
 Johnson and Johnson and was originally invented at The Scripps Research
 Institute.  More information about Discovery is available on the company's web
 site at:  http://www.discoverylabs.com.
     To the extent that statements in this press release are not strictly
 historical, including statements as to the Company's business strategy,
 outlook, objectives, plans intentions, goals, future financial conditions,
 future collaboration agreements, the success of the Company's product
 development, or otherwise as to future events, such statements are
 forward-looking, and are made pursuant to the safe harbor provisions of the
 Private Securities Litigation Reform Act of 1995.  The forward-looking
 statements contained in this release are subject to certain risks and
 uncertainties that could cause actual results to differ materially from the
 statements made.  Among the factors which could affect the Company's actual
 results and could cause results to differ from those contained in the
 forward-looking statements contained herein are the risk that financial
 conditions may change, the risk that the Company will not be able to raise
 additional capital or enter into additional collaboration agreements, risks
 relating to the progress of the Company's research and development and the
 development of competing therapies and/or technologies by other companies.
 Those associated risks and others are further described in the Company's
 periodic filings with the Securities and Exchange Commission including the
 most recent reports on Form 10-KSB, 8-K and 10-QSB, and amendments thereto.
 
 SOURCE  Discovery Laboratories, Inc.