WARRINGTON, Pa., March 21, 2012 (GLOBE NEWSWIRE) -- Discovery Laboratories, Inc. (Nasdaq:DSCO) today announced that it has completed its previously announced public offering to sell an aggregate of 16,071,429 shares of its common stock under Discovery Labs' previously filed registration statement that was declared effective by the Securities and Exchange Commission on June 21, 2011. The offering remains subject to the underwriters' 30-day option to purchase up to an additional 2,410,714 shares of common stock to cover over-allotments, if any. Each share was issued and sold at a public offering price of $2.80 per share.
As a result of the offering, Discovery Labs has received net proceeds of approximately $42.1 million, after deducting underwriting discount and other estimated fees and expenses related to the offering. The net proceeds will be used to meet working capital requirements to execute Discovery Labs' business plans, including, without limitation, to support the commercial introduction in 2012 of SURFAXIN® and AFECTAIR®, and to advance its SURFAXIN LS™ and AEROSURF® development programs.
Lazard Capital Markets LLC acted as the sole book-running manager for the offering, Stifel Nicolaus Wesiel acted as co-lead manager, and ROTH Capital Partners LLC acted as co-manager.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained at the Securities and Exchange Commission web site at http://www.sec.gov, or from Lazard Capital Markets LLC, 30 Rockefeller Plaza, 60th Floor, New York, NY 10020 or via telephone at (800) 542-0970.
About Discovery Labs
Discovery Laboratories, Inc. is a specialty biotechnology company developing its novel proprietary KL4 surfactant technology that produces a synthetic, peptide-containing surfactant that is structurally similar to pulmonary surfactant and is being developed in liquid, lyophilized, and aerosolized dosage forms. Surfactants are produced naturally in the lungs and are essential for breathing. Discovery Labs is also developing its proprietary drug delivery technologies to enable efficient delivery of aerosolized KL4 surfactant and other inhaled therapies.
Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Examples of such risks and uncertainties are described in Discovery Labs' filings with the Securities and Exchange Commission including the most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto.