>>Discovery Labs Prices $16.5 Million Public Offering of Common Stock and Warrants
Press Release Source: Discovery Laboratories, Inc. On Thursday February 18, 2010, 8:45 am EST
WARRINGTON, Pa., Feb. 18, 2010 (GLOBE NEWSWIRE) -- Discovery Laboratories, Inc. (Nasdaq:DSCO - News) today announced that it has priced an underwritten public offering of 27,500,000 units at a price to the public of $0.60 per unit for gross proceeds of $16,500,000. Each unit consists of one share of common stock and a warrant to purchase 0.50 of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $0.85.  Net proceeds, after estimated underwriting discounts and commissions and other estimated fees and expenses, and assuming the Warrants are not exercised, will be approximately $15.1 million. The offering is expected to close on or about February 23, 2010, subject to satisfaction of customary closing conditions.
Lazard Capital Markets LLC is acting as sole underwriter for the offering.
The net proceeds from the offering will be used to support Discovery Labs' general corporate activities and for expenses associated with maintaining its research and development operations, including manufacturing, quality and analytical capabilities, product development and clinical operations and for other general corporate purposes.<<
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Haven't looked . . . what's DSCO's burn rate these days? Shouldn't go up too much, it's only preclinical work.
Cheers, Tuck |
