Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : dsco Discovery Laboratories -- Ignore unavailable to you. Want to Upgrade?

To: tom r. phillips who wrote (81)	12/14/2005 10:42:51 AM
From: tuck	Read Replies (1) \| Respond to of 318

The details of the financing, fom an 8-K filed this morning: >> Entry into a Material Definitive Agreement. On December 13, 2005, Discovery Laboratories, Inc. (the “Company”) entered into subscription agreements with selected institutional investors relating to a registered direct offering of 3,030,304 shares of the Company’s common stock. The Company will sell the shares of common stock to the investors at a price of $6.60 per share for gross proceeds of approximately $20.0 million. The closing of the offering is expected to take place on December 19, 2005, subject to the satisfaction of customary closing conditions. The Company expects to receive approximately $18,915,000 in net proceeds, after deducting the placement agent fee and other fees and expenses of the offering. The common stock will be issued pursuant to a prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) of the Securities Act of 1933, as amended. The issuance is a shelf takedown from the Company’s registration statement on Form S-3 (File No. 333-128929), which was declared effective by the Securities and Exchange Commission on October 24, 2005. The Company also entered into a related Placement Agent Agreement with SG Cowen & Co., LLC, who is acting as exclusive placement agent for the offering, and the Company has agreed to pay the placement agent a fee of 4.75% of the gross proceeds.<< I have a position via sold puts. Interestingly, I bought in at the same price as these guys, so I'm still showing a profit, but it just got a lot smaller, leaving me wishing that they had done this next week. C'est larvae . . . Cheers, Tuck