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

from 2012 to 2013 is primarily due to (i) expenses of $2.7 million in the first quarter of 2013 related to the Company's U.S. specialty respiratory critical care commercial and medical affairs organizations that are experienced in neonatal/pediatric respiratory critical care and are focused on gaining hospital formulary acceptance of SURFAXIN and adoption of AFECTAIR; (ii) $1.6 million of expenses in the first quarter of 2013 to advance the AEROSURF development program, primarily the optimization of the CAG and the technology transfer of the lyophilized KL4 surfactant manufacturing process to a CMO; and, (iii) a $1.3 million increase in raw material purchases for drug product manufacturing in support of the SURFAXIN and AEROSURF programs.

Operating cash outflows before financing activities for the quarter ended March 31, 2013 were $10.4 million.  As of March 31, 2013, the Company had cash and cash equivalents of $26.4 million. For the second quarter of 2013, the Company anticipates operating cash outflows of approximately $10.0 million, before taking into account financing activities.

In February 2013, the Company secured a $30 million loan facility with Deerfield (Deerfield Facility). Upon execution of the agreement, Deerfield advanced $10 million to the Company and agreed to advance an additional $20 million, conditioned upon the first commercial sale of SURFAXIN occurring on or before December 31, 2013.  Amounts outstanding under the Deerfield Facility accrue interest at a rate of 8.75%, payable quarterly in cash, and principal is due in three equal installments on the fourth, fifth and sixth anniversaries of the agreement, except that, if the Company achieves certain revenue or market capitalization milestones, the amounts due on the fourth and fifth anniversaries of the agreement will be deferred for one year.  Thus, if the milestones are achieved on the fourth and fifth
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SOURCE Discovery Laboratories, Inc.
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