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Biotech / Medical : dsco Discovery Laboratories
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From: kenhott5/8/2009 5:38:00 PM
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Discovery Labs to raise $11.3 mln in registered direct offering (DSCO) 0.80 -0.10 : Co announceS that it has entered into definitive agreements with select institutional investors to raise gross proceeds of ~$11.3 mln, before deducting placement agent's fees and other offering expenses, in a registered direct offering. Under the terms of the transaction, Discovery Labs will sell 14 mln shares of its common stock at a purchase price of $0.81 per share. Investors will also receive warrants to purchase one half share of common stock for each share of common stock purchased. The warrants will be exercisable at any time on or after the date of issuance for a period of five years at an exercise price of $1.15 per share of common stock. The closing of the offering is expected to take place on May 13, 2009.
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