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*
Davis, Cynthia L.
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(Last) (First) (Middle)
4909 Curly Hill Road
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(Street)
Doylestown, Pennsylvania 18901
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
11/24/98
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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)
Controller
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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 5,125 D
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* If the Form is filed by more than one Reporting Person see instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 2
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
1. Title of Derivative Date Expira- Number Price of Indirect Beneficial
Security Exer- tion of Derivative (I) Ownership
(Inst. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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Employee Stock Options 6/16/98(1) 1/1/07 Common Stock 1,950 $0.082 D
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Employee Stock Options 6/16/98(1) 1/1/08 Common Stock 8,775 $0.1923 D
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Employee Stock Options 3/5/98(2) 3/5/08 Common Stock 4,728 $4.06 D
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Employee Stock Options 6/16/98(2) 6/16/08 Common Stock 11,848 $4.44 D
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Explanation of Responses:
(1) 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.
(2) This option becomes exercisable in three equal annual installments beginning
with the first year anniversary following June 16, 1998.
/s/ Cynthia Davis December 4, 1998
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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.