Discovery Laboratories is now turning its attention to fundraising activities for increase of its capital base. The company is planning to float 9.5 million shares of common stock through an underwritten initial public offering.
The pegged price per share is at US$1.50 per and there is an option for the underwriter to purchase stocks within a thirdy day period up to an additional volume of 1.425 million shares should any overallotments come to fore.
The forecasted net proceeds from the issue is at US$13.2 million. The funds are intended by Discovery Labs for the expansion of its working capital base. The sole book runner of the issue is Stifel. The offering is expected to be closed on or before May 15, 2013.
Discovery Labs is a specialty biotechnology company that focuses on advanced critical care. The company is deep in development of proprietary drug delivery technology to allow more effective and efficient delivery and absorption of pulmonary surfactants and other inhaled therapeutic remedies.
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