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Discovery Laboratories Inc Announces Completion Of $14.25 Million Public Offering


Wednesday, 15 May 2013 10:45am EDT 

Discovery Laboratories Inc 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. 

Company Quote

1.71
-0.01 -0.58%
2:24pm EDT