Discovery Laboratories has announced the completion of a public offering that raised over $40 million as well as the receipt of a $1 million supplement from a Phase 2 Small Business Innovation Research (SBIR) grant that was initially announced in October 2014.
The grant supports development of Discovery Labs’ aerosolized KL4 surfactant for the treatment of radiation lung damage as the result of accident, terrorism, or radiation therapy. The company received $1 million from the grant initially and is eligible to receive a further $1 million, for a total of $3 million.
Discovery Labs is also developing aerosolized KL4 surfactant for the treatment of respiratory distress syndrome in premature infants, which would be marketed as Aerosurf if approved for that indication. Proceeds from the public offering will be used primarily for the Aerosurf development program, the company said.
Read the Discovery Labs press release on the public offering.
Read the Discovery Labs press release on the grant.
