Warrington-PA based Discovery Laboratories is aiming to raise $25 million in a registered direct offering, selling 10,000,000 shares of its common stock to institutional investors for $2.50 per share. The closing of the offering is expected to take place on December 12, 2007. Discovery's lead product candidate, Surfaxin, received an approvable letter from the FDA for prevention of Respiratory Distress Syndrome in premature infants. The drug is also being developed for other neonatal and pediatric indications.
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