Discovery Laboratories, Inc. (NASDAQ:DSCO) Down On Weak Results
Discovery Laboratories, Inc. (NASDAQ:DSCO) stock plunged by a huge 11 percent during trading on 13th March on the back of company reporting disappointing results for its fourth quarter and full year operational results.
For the reporting quarter, the drug firm posted operating loss of $10.3 million, while its net cash flow for the quarter came in at $10.4 million. Operating loss for the quarter fell to $10.3 million as against the $12.4 million it had reported for 4Q12. It sold more than $140,000 worth Surfaxin in the quarter.
$30 M Of Loans Availed From Deerfield
For the full year, the cash flow attained by the firm was $86.3 million from its continued operations through the year. It also reported the receipt of $20 million in loans from its previously announced debt agreement with Deerfield Management Co., L.P. With the latest payout, the total loan raised by the development stage firm from Deerfield has gone up to $30 million. It will have to pay back the principal with interest starting 2017 in three instalments. It had also set aside $0.6 million as expenses towards a loan that it had taken from Deerfield.
On The Verge Of Emerging As A Profitable Entity
Listing out the various developments in the past few quarters which has helped the company move towards profitability, Discovery Laboratories, Inc. (NASDAQ:DSCO) President and Chief Executive Officer John G. Cooper has been quoted as saying that, ” We initiated the AEROSURF phase 2 clinical program, the first-ever with an aerosolized surfactant intended to support registration in the U.S. and potentially in other markets. AEROSURF has the potential to enable the treatment of a significantly greater number of premature infants who could benefit from surfactant therapy without the need for invasive endotracheal intubation. In addition, we introduced SURFAXIN in the U.S., representing the first step in achieving our vision.”