Discovery Labs second-quarter net loss rises to $14.7 million from net loss of $9.8 million

By Lisa Kerner

Charlotte, N.C., July 28 - Discovery Laboratories, Inc. said for the quarter ended June 30 it had a net loss, on a GAAP basis, of $14.7 million, or $0.24 per share, an increase from a net loss of $9.8 million, or $0.18 per share, for the same period in 2005.

For the six months ended June 30, the company reported a net loss of $30.5 million, or $0.50 per share, compared with a net loss of $19.1 million, or $0.37 per share, for the prior-year period.

As of June 30, Discovery had cash and marketable securities of $27.3 million, down from $37.6 million as of March 31.

"The highest priority for Discovery Labs is to gain U.S. regulatory approval for Surfaxin," president and chief executive officer Robert J. Capetola said in a news release.

"Our focus is on remediating the Surfaxin manufacturing issues to achieve this goal."

Discovery is a biotechnology company based in Warrington, Pa.

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