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*

   Esteve                          Antonio
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   (Last)                           (First)             (Middle)

   350 South Main Street, Suite 307
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                                    (Street)

   Doylestown                         PA                18901
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   (City)                           (State)              (Zip)

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2.   Issuer Name and Ticker or Trading Symbol

     Discovery Laboratories, Inc. (Discovery)

     DSCO
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3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


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4.   Statement for Month/Day/Year

     November 4, 2002
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5.   If Amendment, Date of Original (Month/Day/Year)


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6.   Relationship of Reporting Person(s) to Issuer
     (Check all applicable)

     |X|  Director                             |_|  10% Owner
     |_|  Officer (give title below)           |_|  Other (specify below)

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7.   Individual or Joint/Group Filing (Check Applicable line)

     |X|  Form Filed by One Reporting Person
     |_|  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             11/5/02                   P              340,485      A      $1.94   1,325,320      I        Laboratorios
                                                                                                                      del Dr. Esteve
                                                                                                                      S.A.
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                                                                       --                       317,164      I        Laboratorios
                                                                                                                      P.E.N.S.A.
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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).

      Persons who respond to the collection of information contained in this
      form are not required to respond unless the form displays a currently
      valid OMB control number

FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================ 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) - ------------------------------------------------------------------------------------------------------------------------------------ Class I $2.425 11/5/02 P A 2/5/03 11/5/07 Common 153,218 $0.125 153,218 I Labor- Warrants Stock atorios del Dr. Esteve - ------------------------------------------------------------------------------------------------------------------------------------ Stock Options 20,000 D - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== Explanation of Responses: /s/ Antonio Esteve 11/6/02 - --------------------------------------------- ----------------------- **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 is insufficient, see Instruction 6 for procedure. Page 2