PharmaBio Development Inc., the former strategic investing subsidiary of Quintiles, has agreed to purchase approximately 2.4 million shares of Discovery Laboratories, Inc. and approximately 1.2 million shares of common stock under a five-year term, for a total of $0.5 million. PharmaBio previously owned approximately 5.6 million shares of Discovery Lab’s common stock. Additionally, the two companies have agreed to continue evaluating a potential long-term strategic collaboration focused on the development of Surfaxin LS and/or Aerosurf.
"While our primary focus remains obtaining FDA approval for Surfaxinfor Respiratory Distress Syndrome in premature infants, this additional funding is intended to primarily support near-term regulatory and related development activities to progress Surfaxin LS and Aerosurf," said John G. Cooper, president and chief financial officer of Discovery Laboratories.
"While our primary focus remains obtaining FDA approval for Surfaxinfor Respiratory Distress Syndrome in premature infants, this additional funding is intended to primarily support near-term regulatory and related development activities to progress Surfaxin LS and Aerosurf," said John G. Cooper, president and chief financial officer of Discovery Laboratories.
