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Discovery Labs Reports First Quarter 2012 Financial Results
Date:5/3/2012

WARRINGTON, Pa., May 3, 2012 /PRNewswire/ -- Discovery Laboratories, Inc. (Nasdaq: DSCO), a specialty biotechnology company dedicated to advancing a new standard in respiratory critical care, today reports financial results for the first quarter ended March 31, 2012.  The Company will host a conference call this morning at 10:00 AM ET.  Conference call details are below.

Key financial information includes:

  • For the first quarter of 2012, the Company reported an operating loss of $6.6 million compared with an operating loss of $6.1 million for the comparable period in 2011.  Operating cash outflows before financing activities were $5.7 million for the first quarter of 2012.
  • As of March 31, 2012, the Company had cash and cash equivalents of $54.8 million.  In the first quarter 2012, the Company received net proceeds of approximately $50.3 million from offerings of common stock and the exercise of warrants to purchase shares of common stock.  Currently, there are warrants outstanding to purchase 2.8 million shares of common stock at an exercise price of $2.94 which expire on May 22, 2012.  If the price of the Company's common stock should be above $2.94 and if holders determine in their discretion to exercise these warrants, the Company could potentially realize up to an additional $8.1 million in proceeds.
  • With receipt in the first quarter of 2012 of both U.S. regulatory approval of SURFAXIN® (lucinactant)  and U.S. marketing clearance for the initial AFECTAIR® device, the Company is implementing its plans to build U.S. commercial and medical affairs capabilities, and to advance its SURFAXIN LS™ and AEROSURF® pipeline programs.  The Company anticipates operating cash outflows before financing activities of $8.5 - $9.0 million for the second quarter of 2012,
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