By Sheri Kasprzak
New York, Nov. 22 - Discovery Laboratories, Inc. concluded a private placement of its stock for $10 million.
The company issued to a single institutional investor 4,629,630 shares at $2.16 each.
The investor received warrants for 2,314,815 shares, exercisable at $3.18 each for five years.
Jefferies & Co., Inc. was the placement agent.
Proceeds will be used for regulatory, clinical and manufacturing activities for Food and Drug Administration approval of the company's lead product candidate Surfaxin to prevent respiratory distress syndrome (RDS) in premature infants. The proceeds will also be used for the development of Surfaxin and the development of Aerosurf, the company's aerosolized product also for RDS in premature infants.
Based in Warrington, Pa., Discovery develops surfactant replacement therapies for respiratory diseases.
| Issuer: | Discovery Laboratories, Inc.
|
| Issue: | Stock
|
| Amount: | $10 million
|
| Shares: | 4,629,630
|
| Price: | $2.16
|
| Warrants: | For 2,314,815 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.18
|
| Placement agent: | Jefferies & Co., Inc.
|
| Settlement date: | Nov. 22
|
| Stock symbol: | Nasdaq: DSCO
|
| Stock price: | $2.38 at close Nov. 22
|
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