123Tom, I'm not familiar with that analyst, but I remember DSCO pretty well from years ago. It's been a real dog, one of those bio stocks from hell. I live about 20 minutes from the company and actually visited their headquarters once to check them out, many years ago. It took forever to get Surfaxin approved, and then it didn't catch on in the marketplace, and now they're trying to advance a different form, but it's only in Phase 2. The FDA did everything in their power to delay approval of Surfaxin, year after year after year, and the company's ineptitude didn't help things.
I see they hired a new CEO in Feb, and did a reverse split in Jan, but now they're just going to use the new 'currency' of authorized shares to dilute the hell out of shareholders again. Personally I'd stay away from the stock, except maybe for a very short term trade, since it seems to be cursed with some kind of hoodoo-voodoo-whamma-jamma quadruple jinx -
Discovery Laboratories Inc. completed a reverse stock split of its common stock in a move to keep the company’s stock price above $1 per share, a threshold needed for continued listing requirement on the NASDAQ Capital Market.
The Warrington, Pa., biopharmaceutical company issued one share of newly issued common stock for 14 shares of issued and outstanding common stock held. Its stock price, which had dropped to under 20 cents per share, opened Friday at $2.51 per share.
Discovery Labs completed a reverse stock split to maintain its NASDAQ listing.
Discovery Labs (Nasdaq: DSCO), in a statement, said, “The Company believes that continued listing on NASDAQ, combined with the resulting increase in authorized shares available for issuance, will enable the company to secure necessary capital — through potential strategic and collaborative arrangements and other equity funding transactions — to support its development activities through the planned Aerosurf phase 3 clinical program.”
Aerosurf is a new drug candidate in late-stage testing as a treatment for premature infants with respiratory distress syndrome. The therapy is delivered by nasal continuous positive airway pressure.
Discovery Labs, following a lengthy application and review process, received Food And Drug Administration for product to treat the same condition. That product, a synthetic surfactant called Surfaxin, failed to get widespread market acceptance because the therapy’s administration requires the use of intubation and mechanical ventilation. Surfactants are soap-like substances in the lining of the lungs that are essential for breathing.
Last year, the company stopped marketing activities for Surfaxin in favor of focusing its resources on Aerosurf.
Discovery Lab’s reverse stock split was approved by the company’s stockholders at a special meeting on Jan. 21.
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