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FORM 5
[ ] Check this box if no
longer subject to
Section 16, Form 4 or
Form 5 obligations may
continue. See Instruction 1(b)
[ ] Form 3 Holdings Reported
[X] Form 4 Transactions Reported
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
ANNUAL 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(f) of the Investment Company Act of 1940
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1. Name and address of Reporting Person*
Rogers, Mark G.
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(Last) (First) (MI)
85 Lukes Wood Road
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(Street)
New Canaan, Connecticut 06897
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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. IRS or Social Security Number
of Reporting Person (Voluntary) 000-00-0000
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4. Statement for Month/Year | 5. If Amendment, Date of
| Original (Month/Year)
|
June 98 |
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[ X ] Director [ ] 10% Owner
[ ] Officer [ ] Other (specify below)
(give title below)
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TABLE I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security | 2. Transaction Date | 3. Transaction Code | 4. Security Acquired (A) or Disposed
(Instr. 3) | (Month/Day/Year) | (Instr. 8) | of (D) (Instr. 3, 4 & 5)
| | |
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| | | Amount | (A)or | Price
| | | | (D) |
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security | 5. Amount of Securities | 6. Ownership Form: | 7. Nature of Indirect Beneficial
(Instr. 3) | Beneficially Owned at | Direct (D) or | Ownership (Instr. 4)
| End of Fiscal Year | Indirect (I) |
| (Instr. 3 & 4) | (Instr. 4) |
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</TABLE>
Reminder: Report on a separate line each class of securities beneficially
owned directly or indirectly. (Print or type Responses)
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Form 5 (continued)
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TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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1. Title of Derivative Security | 2. Conversion or | 3. Transaction Date | 4. Transaction | 5. Number of Derivative
(Instr. 3) | Exercise Price of | (Month/Day/Year) | Code | Securities Acquired
| Derivative Security | | (Instr. 8) | (A) or Disposed of (D)
| | | | (Instr. 3, 4 & 5)
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| | | | (A) | (D)
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Non-Statutory Stock Option(1) | $.0821 | 6/16/98 | A,4 | 31,200 |
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security | 6. Date Exercisable and | 7. Title and Amount of Underlying | 8. Price of Derivative
(Instr. 3) | Expiration Date | Securities (Instr. 3 & 4) | Security (Instr. 5)
| (Month/Day/Year) | |
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| Date | Expiration | Title | Amount or Number |
| Exercisable | Date | | of Shares |
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| 6/16/98 (2) | 10/28/06 | Common | 31,200 |
| | | Stock | |
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</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security | 9. Number of Derivative | 10. Ownership Form of Derivative | 11. Nature of Indirect
(Instr. 3) | Securities Beneficially | Security: Direct (D) or | Beneficial Ownership
| Owned at End of Year | Indirect (I) (Instr. 4) | (Instr. 4)
| (Instr. 4) | |
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| 59,683 D |
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</TABLE>
Explanation of Responses:
(1) Represents a right to buy.
(2) Shares of Common Stock of the Issuer subject to such options vest 25% as of
October 28, 1996 with the balance vesting in 36 equal monthly installments
following that date upon the Reporting Person's successive completion of service
with the Issuer. Unvested shares of Common Stock of the Issuer subject to such
options remain subject to the Issuer's right to repurchase such shares at the
stated exercise price per share.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Mark G. Rogers March 30, 1999
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**Signature of Reporting Person Date
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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