FORM 3 U.S. SECURITIES AND EXCHANGE
Washington, D.C. 20549
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 20(f) of the Investment Company Act of 1949
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1. Name and Address of Reporting Person
Rosenwald, Lindsay A., M.D.
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(Last) (First) (Middle)
787 Seventh Avenue, 48th Floor
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(Street)
New York NY 10019
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(City) (State) (Zip Code)
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2. Date of Event 4. Issuer Name and Ticker or Trading Symbol
Requiring Statement
(Month/Day/Year) Discovery Laboratories, Inc. ("Discovery")
11/25/97 DSCO
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5. Relationship of Reporting Person to Issuer
3. IRS or Social (Check all applicable)
Security Number of
Reporting Person |_| Director |X| 10% Owner
(Voluntary) |_| Officer (give title |_| 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
<TABLE>
<CAPTION>
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned Direct (D) or Indirect (I) Ownership (Instr. 5)
(Instr. 4) (Instr. 5)
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<S> <C> <C> <C>
Common Stock 1,089,298 I See Footnote 1.
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 2
<PAGE>
Table II - Derivative Securities Beneficially Owned (e.g., puts, calls,
warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount of 4. Conversion or 5. Ownership form of
(Instr. 4) Expiration Date (Month/Day/ Securities Underlying Exercise Price of Derivative Security:
Year) Derivative Security Derivative Direct (D) or Indirect
(Instr. 4) Security (I) (Instr. 5)
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Date Expiration Title Amount or
Exercisable Date Number of
Shares
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<S> <C> <C> <C> <C> <C> <C>
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Non-Statutory Stock Options Common 111 D
Stock
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</TABLE>
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1. Title of Derivative Security 6. Nature of Indirect Beneficial
(Instr. 4) Ownership (Instr. 5)
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Explanation of Responses:
(1) Includes (a) 1,001,738 shares attributable to RAQ, LLC, a limited liability
company formed under the laws of New York and of which Dr. Rosenwald is the
President and managing member, (b) 26,000 shares of common stock held by the
Aries Domestic Fund, L.P. (the "Partnership") and (c) 61,000 shares of common
stock held by the Aries Fund, a Cayman Island Trust (the "Trust"). Dr. Rosenwald
is the president and sole shareholder of Paramount Capital Asset Management,
Inc. ("Paramount Capital"), the general partner of the Partnership and the
investment manager of the Trust. Paramount Capital and Dr. Rosenwald share the
power to vote, direct the vote of, dispose or direct the disposition of the
shares held by the Partnership and the Trust, respectively. Dr. Rosenwald and
Paramount Capital disclaim beneficial ownership of the shares owned by the
Partnership and the Trust. Paramount Capital also disclaims beneficial ownership
of the shares held by RAQ, LLC.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Lindsay A. Rosenwald, M.D. December 5, 1997
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** Signature of Reporting Person
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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