FORM 3 U.S. SECURITIES AND EXCHANGE COMMISSION
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
Kanzer, Steve H., C.P.A., Esq.
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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)
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2. Date of Event Requiring Statement (Month/Day/Year)
11/25/97
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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)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
_________________________________
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6. If Amendment, Date of Original (Month/Day/Year)
12/5/97
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Direct (D) or (Instr.5)
(Instr. 4) Indirect (I)
(Instr. 5)
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<S> <C> <C> <C>
Common Stock 178,396 (1) D
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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 2. Date Exercisable 3. Title and Amount of Securities 4. Conver- 5. Ownership 6. Nature of
Security (Instr. 4) and Expiration Date Underlying Derivative Security sion or Form of Indirect
(Month/Day/Year) (Instr. 4) Exercise Derivative Beneficial
---------------------- --------------------------------- Price of Security: Ownership
Date Expira- Title Amount Derivative Direct (Instr. 5)
Exer- tion or Security (D) or
cisable Date Number Indirect
of (I)
Shares (Instr.5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Non-Statutory Stock Options 1/1/97(2) 1/1/2007 Common Stock 15,566 $.60 D
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</TABLE>
Explanation of Responses:
(1) This number does not include an additional 35,413 shares of Discovery common
stock owned by certain family members of Mr. Kanzer as to which Mr. Kanzer
disclaims beneficial ownership.
(2) This option is exercisable as to 3,891 of the option shares on January 1,
1997. The remaining 11,675 shares of the option are exercisable at a rate of
1/36 per month over a three year period commencing on January 31, 1997. The
option expires on January 1, 2007.
/s/ Steve H. Kanzer February 13, 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.
