Discovery Laboratories Inc. (NASDAQ:DSCO) completed the raise at $45 million through the sale of 16 million shares at $2.80. Lazard; Stifel Nicolaus Weisel; and Roth Capital Partners were the selected banks. Discovery Laboratories proposed the offering late Thursday, when its share price was $3.50. Discovery Laboratories was off $0.65 (19%) to $2.85 on Friday.
Earlier this month, FDA approved the company's Surfaxin (a synthetic drug) designed to replace the animal surfactants that are used to to prevent respiratory distress syndrome (RDS) in premature infants. The company plans to launch the humanized lung surfactant in the U.S. late this year. See our prior comment, "4th Time is a Charm".