Underwriters have 30-day greenshoe for 2.41 million more shares
By Marisa Wong
Madison, Wis., March 16 - Discovery Laboratories, Inc. said it priced an underwritten public offering of common stock to raise $45 million.
The company will sell 16,071,429 common shares at a price of $2.80 per share. Net proceeds are expected to come to $42.1 million. The price per share reflects a 20% discount to the March 15 closing share price of $3.50.
Lazard Capital Markets LLC is the bookrunner for the offer, Stifel Nicolaus Weisel is co-lead manager, and Roth Capital Partners, LLC is co-manager.
The underwriters have been granted a 30-day over-allotment option to purchase up to 2,410,714 of additional shares.
The offering is expected to close on March 21.
Discovery Labs is a Warrington, Pa.-based biotechnology company.
| Issuer: | Discovery Laboratories, Inc.
|
| Issue: | Common stock
|
| Amount: | $45 million
|
| Shares: | 16,071,429
|
| Price: | $2.80
|
| Greenshoe: | 2,410,714 shares
|
| Underwriters: | Lazard Capital Markets LLC as bookrunner, Stifel Nicolaus Weisel as co-lead manager, Roth Capital Partners, LLC as co-manager
|
| Pricing date: | March 16
|
| Settlement date: | March 21
|
| Stock symbol: | Nasdaq: DSCO
|
| Stock price: | $3.50 at close March 15
|
| Market capitalization: | $123.21 million
|
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