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news.Discovery Laboratories has obtained commitments to raise $25 million, before deducting placement agents's fees and offering expenses, in a registered direct offering.
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Under the terms of the transaction, Discovery Labs will sell 10 million shares of its common stock to a select group of institutional investors at a purchase price of $2.50 per share. The closing of the offering is expected to take place on December 12, 2007, subject to the satisfaction of customary closing conditions.
All of the shares of common stock are being offered by Discovery Labs pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. Jefferies & Company, acted as placement agent for the transaction.