Discovery Labs to Raise $11.3 Million in Registered Direct Offering

WARRINGTON, Pa. – Discovery Laboratories today announced that it has entered into definitive agreements with select institutional investors to raise gross proceeds of approximately $11.3 million, 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 million 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, subject to the satisfaction of customary closing conditions. Lazard Capital Markets LLC acted as the exclusive placement agent for the transaction.

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 these 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. The shares of common stock and warrants described above are being offered pursuant to registration statement previously declared effective by the Securities and Exchange Commission and a prospectus, forming a part of the effective registration statement. Copies of the final prospectus supplement for this offering and accompanying base prospectus 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, New York, NY 10020.

http://www.fiercebiotech.com/press-releases/discovery-labs-raise-11-3-million-registered-direct-offering

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