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February 13, 2013
16:13 EDTDSCODiscovery Labs receives $30M investment from Deerfield
Deerfield Management announced that it has entered into a secured loan facility with Discovery Laboratories for up to $30M in financing. The financing provides Discovery with capital to commercialize its drug Surfaxin, which has been approved by the FDA for the prevention of Respiratory Distress Syndrome, or RDS, in premature infants at high risk for RDS, and its Afectair airway connector for infants receiving aerosolized medication in neonatal or pediatric intensive care units. The launch of these products will enable Discovery to transition from a development- to a commercial-stage company, and further develop its lead pipeline product, Aerosurf. The financing was structured to provide funding over time as needed and to avoid the dilution and potential discount of a public offering of stock or convertible debt financing. Under terms of the facility, Deerfield committed to advance $30M this year
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16:49 EDTDSCODiscovery Labs terminates employment agreement of COO Thomas Miller
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16:25 EDTDSCODiscovery Labs ceases commercialization of Surfaxin
The decision to cease the commercialization of SURFAXIN is not based on any underlying safety or efficacy concern, but rather is compelled by the company's desire to preserve capital to advance AEROSURF and the KL4 surfactant pipeline.
16:23 EDTDSCODiscovery Labs to take charge of $3.5M in Q2 on restructuring
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16:19 EDTDSCODiscovery Labs completes enrollment of Aerosurf Phase 2a clinical trial
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