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Discovery Labs Reports First Quarter 2013 Financial Results
Date:5/7/2013

60;The Company plans to use a lyophilized dosage form of its KL4 surfactant for AEROSURF and is also working to complete the technology transfer of its lyophilized manufacturing process to a contract manufacturing organization (CMO) with expertise in lyophilization. The Company plans to initiate its AEROSURF phase 2 clinical program in the fourth quarter of 2013.
  • AFECTAIR®:  The Company has begun the commercial introduction of its AFECTAIR aerosol-conducting airway connector for infants receiving aerosolized medication in neonatal and pediatric intensive care units with a user experience program that is being conducted in select U.S. critical care centers representing approximately ten percent of target institutions.  This initial phase is intended to facilitate peer-to-peer exchange among physicians and respiratory therapists and enable discussion about the potential advantages and proper utilization of this novel device.  This phase is expected to continue through the second quarter of 2013, after which the Company plans to initiate the broader introduction of AFECTAIR.
  • Summary Financial Results for the First Quarter ended March 31, 2013

    For the quarter ended March 31, 2013, the Company reported a net loss of $12.6 million ($0.29 per share) on 43.7 million weighted-average common shares outstanding, compared to a net loss of $10.0 million ($0.37 per share) on 27.2 million weighted-average common shares outstanding for the same period in 2012.  Included in the net loss is the change in fair value of certain common stock warrants that are classified as derivative liabilities, resulting in non-cash income of $0.2 million in 2013 and non-cash expense of $3.4 million for the same period in 2012.

    The Company reported an operating loss of $12.6 million for the quarter ended March 31, 2013 compared to an operating loss of $6.6 million for the same period in 2012.  The increase in operating loss
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    SOURCE Discovery Laboratories, Inc.
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