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Discovery Labs Reports Third Quarter Financial Results and Progress on Lead Programs
Date:11/10/2011

omprehensive preclinical program to support the SURFAXIN Complete Response, which was filed in September, and a one-time charge of $0.4 million related to severance obligations to a former executive.  

Net cash outflows for the third quarter of 2011 were $6.1 million.  During the fourth quarter of 2011, the Company anticipates net cash outflows of approximately $5.4 million.

As of September 30, 2011, the Company had cash and cash equivalents of $15.4 million.  Additionally, the Company currently has its 2010 Committed Equity Financing Facility (CEFF) that, subject to certain conditions, including price and volume limitations, may allow the Company in the future to raise additional capital to support its business plans.  During the fourth quarter to date, the Company has completed financings under the CEFF for net proceeds of approximately $343,000 through the issuance of 200,811 shares of common stock.  Under the CEFF, there are currently 1.1 million shares available for potential future issuance that may allow the Company to raise an additional $1.7 million of capital at current market prices.  Additionally, in connection with a public offering conducted in February 2011, the Company issued fifteen-month warrants (expiring May 2012) to purchase 5.0 million shares of common stock at an exercise price of $2.94.  If the market price of the Company's common stock should exceed $2.94 at any time prior to May 2012, and all fifteen-month warrants are exercised, the Company may realize up to an additional $14.7 million in proceeds.

As of September 30, 2011, the Company reported a common stock warrant liability of $8.6 million, of which $7.4 million is related to five-year warrants issued in February 2011.  These warrants state that there is no circumstance in which the Company shall be required to effect a net cash settlement; however, they have been classified as derivative liabilities in acco
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SOURCE Discovery Laboratories, Inc.
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