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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print of Type Responses)
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1. Name and Address of Reporting Person*
Samuel D. Isaly (1)
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(Last) (First) (Middle)
767 Third Avenue, 30th Floor
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(Street)
New York, NY 10017
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Discovery Laboratories, Inc. (DSCO)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
________________________________________________________________________________
4. Statement for Month/Day/Year
9/23/2002
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5. If Amendment, Date of Original (Month/Day/Year)
________________________________________________________________________________
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|_| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
____________________________________________________________________
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check Applicable line)
|_| Form Filed by One Reporting Person
|X| Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
2A. 3. Disposed of (D) Owned Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of
Trans- Execution Code ------------------------------- Reported (D) or Indirect
1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial
Title of Security Date any ------------ or (Instr. 3 & (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4)
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Common Stock September S 162,973 (D) 1.495 3,247,992 (2) I (2)
23, 2002 (2)
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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9.
Number 10.
of Owner-
deriv- ship
ative Form
2. Secur- of
Conver- 5. 7. ities Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or Derivative 6. of Underlying 8. ficially Secur- of
Exer- 3A. 4. Securities Date Securities Price Owned ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Explanation of Responses:
(1) Joint filing of OrbiMed Advisors LLC, OrbiMed Advisors Inc. and Samuel
D. Isaly (3) of the same address.
(2) OrbiMed Advisors LLC and OrbiMed Advisors Inc. have investment
management discretion over a number of collective investment funds investing in
Discovery Laboratories, Inc. stock. OrbiMed Advisors LLC is recently registered
(effective as of April 22, 2002) as an investment adviser under Section 203 of
the Investment Advisers Act of 1940 and therefore for the purpose of Rule
16a-1(a)(1) it may no longer be deemed as beneficial owner of securities it
holds in the ordinary course of its business and without the purpose of changing
or influencing control. OrbiMed Advisors Inc. is also a registered investment
adviser under Section 203 of the Investment Advisers Act of 1940. The reporting
persons have no beneficial interest in the securities pursuant to Rule 16a-1(2).
(3) OrbiMed Advisors Inc. is 100% owned by Samuel D. Isaly who also has a
controlling interest in OrbiMed Advisors LLC.
/s/ Samuel D. Isaly 9/25/2002
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
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