WARRINGTON, Pa., Feb. 13, 2013 /PRNewswire/ -- Discovery Laboratories, Inc. (NASDAQ: DSCO), a specialty biotechnology company dedicated to advancing a new standard in respiratory critical care, today announced that it has entered into a secured loan facility with Deerfield Management Company, L.P. (Deerfield) for up to $30.0 million in financing. Deerfield is a leading healthcare investment firm with more than $3.5 billion of assets currently under management.
"We are encouraged by Deerfield's confidence in the potential of our transformative technology and business strategy," commented John G. Cooper , President and Chief Executive Officer at Discovery Labs. "After considering a variety of financing options, we worked with Deerfield to structure a facility that aligns with our near-and long-term strategy to achieve important commercial, development and strategic milestones."
"We believe that SURFAXIN® and AEROSURF® could represent meaningful improvements in the care of premature infants with respiratory distress syndrome," commented William Slattery , Partner at Deerfield Management. "Our goal with this facility is to strengthen Discovery Labs' financial position in a minimally dilutive way, and build a long-term relationship that helps advance these important programs for neonatal medicine."
Under terms of the facility, Deerfield committed to advance $30 million in 2013: $10 million immediately following execution of the facility agreement and $20 million upon the first commercial sale of SURFAXIN. The loan matures six years from the date of the facility agreement and may
|SOURCE Discovery Laboratories, Inc.|
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