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

anniversaries of the agreement, the principal amount under the Deerfield Facility will not be due until the sixth anniversary of the agreement. There can be no assurance that the condition for the $20 million disbursement will be met or that the milestones required to defer the first two installments of principal will be achieved. In conjunction with the $10 million advance, Deerfield received warrants to purchase approximately 2.3 million shares of common stock at an exercise price of $2.81.  If the first SURFAXIN commercial sale occurs on or before December 31, 2013, upon disbursement of the $20 million advance, Deerfield will receive additional warrants to purchase approximately 4.7 million shares of common stock at an exercise price of $2.81.  All of the warrants will expire on the sixth anniversary date of the Deerfield Facility.

Also in February 2013, the Company entered into an at-the-market equity sales agreement (ATM Program) with Stifel, Nicolaus & Company, Incorporated (Stifel).  Under the ATM Program, at the Company's discretion and at such times and amounts as it deems appropriate, Stifel may sell up to $25 million of the Company's common stock to support the Company's business plans. The Company will pay Stifel a commission of 3% on the gross proceeds of all sales.  The Company is not obligated to effect any sales under the ATM Program.  The Company has not used the ATM Program in 2013.

As of March 31, 2013, the Company had approximately $7 million of accounts payable and accrued expenses and $10 million of debt under the Deerfield Facility, which has been reported as long-term debt, net of $3.9 million of discounts.

As of March 31, 2013, the Company reported a common stock warrant liability of $6.1 million, predominantly related to five-year warrants issued in February 2011.  The terms of these Warrants provide that no cash settl
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SOURCE Discovery Laboratories, Inc.
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