Discovery Laboratories (NASDAQ: DSCO) is turning its focus to raising capital. The company will float 9.5 million shares of its common stock in an underwritten public offering. The price is $1.50 per share. Additionally, its underwriter has been granted a 30-day purchase option for up to an additional 1.425 million shares to cover overallotments, if any.
The net proceeds of the issue are estimated at $13.2 million. Discovery Labs said it plans to use those funds mainly for working capital.
Stifel is the sole book-running manager of the issue. Discovery Labs expects the offering to close on or about May 15.