Stifel and Piper Jaffray are bookrunners; Lazard, Roth Capital assist
By Devika Patel
Knoxville, Tenn., Oct. 31 - Discovery Laboratories, Inc. said it priced a $50 million public offering of stock with a $7.5 million greenshoe. The offering was announced Wednesday.
The company will sell 25 million common shares at $2.00 per share. The price per share reflects an 11.5% discount to the Oct. 30 closing share price of $2.26.
Stifel and Piper Jaffray & Co. are the joint bookrunning managers.
Settlement is expected Nov. 5.
Proceeds will be used to support the commercial launch of Surfaxin, advance the Aerosurf development program and for general corporate purposes.
The biotechnology company is based in Warrington, Pa.
| Issuer: | Discovery Laboratories, Inc.
|
| Issue: | Common stock
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Shares: | 25 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Bookrunners: | Stifel and Piper Jaffray & Co.
|
| Co-lead manager: | Lazard Capital Markets LLC
|
| Co-manager: | Roth Capital Partners, LLC
|
| Announcement date: | Oct. 30
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Stock symbol: | Nasdaq: DSCO
|
| Stock price: | $2.26 at close Oct. 30
|
| Market capitalization: | $111.22 million
|
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