Discovery Labs Announces Changes to Board of Directors and Appoints a New Chief Executive Officer

  Discovery Labs Announces Changes to Board of Directors and Appoints a New
                           Chief Executive Officer

PR Newswire

WARRINGTON, Pa., Jan. 4, 2013

WARRINGTON, Pa., Jan. 4, 2013 /PRNewswire/ --Discovery Laboratories, Inc.
(NASDAQ: DSCO), a specialty biotechnology company dedicated to advancing a new
standard in respiratory critical care, today announced changes to its board of
directors and appointed a new Chief Executive Officer (CEO). The following
changes are effective immediately:

  oW. Thomas Amick, age 70, has resigned as Chairman of the board of
    directors and CEO. Mr. Amick served on the board since March 2004, was
    Chairman of the board since March 2007, and was the Company's CEO since
    October 2010.
  oJohn G. Cooper, age 54, has been named Discovery Labs' President and CEO
    and has been elected to the Company's board of directors. Mr. Cooper
    served as Discovery Labs' Executive Vice President and Chief Financial
    Officer (CFO) from 2002-2010 and was appointed President and CFO in 2010.
    Mr. Cooper will continue to serve as Discovery Labs' CFO.
  oJohn R. Leone, age 65, has been appointed Chairman of the board. Mr.
    Leone was elected to the Discovery Labs' board in November 2012. Mr.
    Leone brings to the Company significant expertise and an outstanding track
    record in commercializing new products and technologies in the
    biopharmaceutical industry. Mr. Leone's career roles have included
    President and CEO at Cambrex Corporation, Senior Vice President and Chief
    Operating Officer of U.S. Commercial Operations at Aventis
    Pharmaceuticals, and Senior Vice President & General Manager at
    Rhone-Poulenc Rorer Pharmaceuticals. Mr. Leone is currently a Partner at
    Paul Capital Healthcare where he focuses on investment opportunities in
    commercial-stage life science companies.
  oJoseph M. Mahady, age 59, has joined the Company's board of directors.
    Mr. Mahady brings to Discovery Labs extensive strategic and operational
    experience in the biopharmaceutical industry. Mr. Mahady had a 30-year
    career with Wyeth Corporation where, until its acquisition by Pfizer Inc.,
    he served as President – Wyeth Pharmaceuticals, responsible for directing
    worldwide operations for the company's $20 billion global pharmaceutical
    business. Mr. Mahady has broad international commercial experience,
    including a direct leadership role in more than 30 product launches, and a
    successful record of developing profitable businesses based on
    transformational technologies.
  oDr. Max Link, age 72, and Dr. Antonio Esteve, age 55, have resigned from
    the Company's board. Dr. Link has served on the Company's Board since
    October 1996 and has been Chairman of the Audit Committee since 2006. Dr.
    Esteve has been a member of the board since May 2002.

"The board thanks Tom Amick, Max Link, and Toni Esteve for their many years of
service and helping position Discovery Labs for a promising future," said John
R. Leone. "Our newly-constituted board will build on this foundation. We
believe that Discovery Labs' KL4 surfactant and aerosol delivery technologies
can bring transformational improvements to neonatal respiratory critical
care. We are committed to building a specialized biotechnology company that
has the potential to establish new standards in respiratory critical care."

In March 2012, the U.S. Food and Drug Administration (FDA) approved SURFAXIN^®
for the prevention of respiratory distress syndrome (RDS) in premature infants
who are at high risk of developing RDS. The U.S. commercial introduction of
SURFAXIN is anticipated in the second quarter of 2013. SURFAXIN is the first
synthetic, peptide-containing (KL4) surfactant approved by the FDA and the
only alternative to animal derived surfactants. For more information about
SURFAXIN, including important safety information, please visit
www.surfaxin.com.

AEROSURF^® (lucinactant for inhalation), aerosolized KL4 surfactant delivered
via Discovery Labs' proprietary drug delivery technologies, is under
development to address RDS in premature infants. AEROSURF may significantly
expand the surfactant-eligible treatment population by providing
neonatologists with a means of administering surfactant without the risks
currently associated with invasive endotracheal intubation and mechanical
ventilation. Phase 2 clinical trials for AEROSURF are anticipated to begin in
the second half of 2013.

Recently, Discovery Labs initiated the introductory phase of the U.S. launch
of its AFECTAIR^® airway connector for infants receiving aerosolized
medication in neonatal or pediatric intensive care units (NICU and PICU,
respectively). The AFECTAIR device, developed as a component of the AEROSURF
program, simplifies the delivery of aerosolized medications to critical care
patients who require ventilatory support by introducing these medications
directly at the patient interface.

ABOUT DISCOVERY LABS
Discovery Laboratories, Inc. is a specialty biotechnology company with one
focus – to advance a new standard in respiratory critical care. Discovery
Labs' novel proprietary KL4 surfactant technology produces a synthetic,
peptide-containing surfactant that is structurally similar to pulmonary
surfactant and is being developed in liquid, lyophilized, and aerosolized
dosage forms. Discovery Labs is also developing its proprietary drug delivery
technologies to enable efficient delivery of aerosolized KL4 surfactant and
other inhaled therapies. Discovery Labs believes that its proprietary
technologies make it possible, for the first time, to develop a significant
pipeline of products to address a variety of respiratory diseases for which
there frequently are few or no approved therapies.

Discovery Labs' strategy is initially focused on the development of its
technologies to improve the management of respiratory distress syndrome (RDS)
in premature infants. Discovery Labs' RDS product portfolio has the potential
to become the new standard of care for RDS and, over time, to significantly
expand the current worldwide RDS market.

For more information, please visit our website at www.Discoverylabs.com.

Forward-Looking Statements
To the extent that statements in this press release are not strictly
historical, all such statements are forward-looking, and are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from the
statements made. Examples of such risks and uncertainties, including without
limitation those related to the anticipated U.S. commercial introduction of
SURFAXIN, in particular, with respect to activities related to Discovery Labs'
(i) earlier determination that one of its analytical chemistry methods used to
assess its drug product's conformance to specifications requires improvement
and that an update to product specifications will be necessary, (ii) plans to
improve and validate its analytical method, and (iii) submission of updated
product specifications, with respect to which Discovery Labs awaits
confirmation from the FDA; the development of AEROSURF, including the planned
clinical program, and the development and commercial introduction of AFECTAIR
in the U.S. and EU, are described in Discovery Labs' filings with the
Securities and Exchange Commission including the most recent reports on Forms
10-K, 10-Q and 8-K, and any amendments thereto. Any forward-looking statement
in this release speaks only as of the date on which it is made. The Company
assumes no obligation to update or revise any forward-looking statements.

Contact Information:
Media Relations:
Michael Parks, Pitch360 - 484.356.7105 or Michael@pitch360inc.com

Investor Relations:
Michael Rice, LifeSci Advisors - 646.597.6979
John Tattory, Vice President of Finance, Discovery Labs – 215.488.9418

SOURCE Discovery Laboratories, Inc.

Website: http://www.discoverylabs.com
 
Press spacebar to pause and continue. Press esc to stop.