WARRINGTON, Pa., Feb. 18, 2010 (GLOBE NEWSWIRE) -- Discovery Laboratories, Inc. (Nasdaq:DSCO - News) today announced that it has priced an underwritten public offering of 27,500,000 units at a price to the public of $0.60 per unit for gross proceeds of $16,500,000. Each unit consists of one share of common stock and a warrant to purchase 0.50 of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $0.85. Net proceeds, after estimated underwriting discounts and commissions and other estimated fees and expenses, and assuming the Warrants are not exercised, will be approximately $15.1 million. The offering is expected to close on or about February 23, 2010, subject to satisfaction of customary closing conditions.
