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Article: Awaiting Approval For Surfaxin, Discovery Labs Accesses $75M.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Although Discovery Laboratories Inc. has plenty of financial resources for near-term operations, the Doylestown, Pa.-based company secured a $75 million equity facility that it can access over the next three years.
The company intends to draw down the funds in different tranches, up to $18.75 million at a time, following the achievement of key milestones that boost the stock. Discovery's stock (NASDAQ:DSCO) rose 47 cents on Friday to close at $9.30.
"The wonderful thing behind this is I have all the flexibility in the world, and we can use this facility whenever we want to," said John Cooper, executive vice president and chief ...