U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Tsai, Huei
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(Last) (First) (Middle)
53 Worths Mill Lane
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(Street)
Princeton New Jersey 08540
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
6/16/98
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Discovery Laboratories, Inc. ("Discovery")
DSCO
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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Table I -- Non-Derivative Securities Beneficially Owned
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3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
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Common Stock 31,200(1) I By children
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Common Stock 10,000 D
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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Employee Stock Options 3/5/98(2) 3/5/08 Common Stock 14,813 $4.06 D
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Employee Stock Options 6/16/98(2) 6/16/08 Common Stock 39,638 $4.44 D
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Employee Stock Options 6/16/98(3) 2/16/07 Common Stock 31,200 $ .0821 D
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Explanation of Responses:
(1) The reporting person disclaims beneficial ownership of these securities
except to the extent of his penuciary interest therein.
(2) This option becomes exercisable in threee equal annual installments
beginning with the first year anniversary following June 16.
(3) This option becomes exercisable as to 25% of the option shares on the date
of the grant. The remaining 75% of the option shares are exercisable in
three equal annual installments beginning with the first year anniversary
of the date of the grant.
/s/ Tsai, Huei 8/11/98
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**Signature of Reporting Person Date
** 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 provided is insufficient, See Instruction 6 for procedure.
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