U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
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 30(f) of the Investment Company Act of 1940
________________________________________________________________________________
1. Name and Address of Reporting Person*
ORBIMED ADVISORS, LLC
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
767 Third Avenue, 6th Floor
- --------------------------------------------------------------------------------
(Street)
New York NY 10010
- --------------------------------------------------------------------------------
(City) (State) (Zip)
________________________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)
July 30, 1999
________________________________________________________________________________
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
________________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
DISCOVERY LABORATORIES, INC. (DSCO)
________________________________________________________________________________
5. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
________________________________________________________________________________
6. If Amendment, Date of Original (Month/Day/Year)
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check applicable line)
[_] Form Filed by One Reporting Person
[_] Form Filed by More than One Reporting Person
================================================================================
Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common Stock 661,157 I By Caduceus Capital Trust
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 200,000 I By Caduceus Capital II, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 826,446 I By Finsbury Worldwide Pharmaceutical Trust
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Form 3-07/99)
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock Warrants July 28, July 27, Common Stock 661,157 I By Caduceus
(Right to Buy) 1999 2004 Capital Trust
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock Warrants July 28, July 27, Common Stock 165,289 I By Caduceus
(Right to Buy) 1999 2004 Capital II, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock Warrants July 28, July 27, Common Stock 826,446 I By Finsbury
(Right to Buy) 1999 2004 Worldwide
Pharmaceutical
Trust
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
/s/Samuel D. Isaly
Managing Member of OrbiMed Advisors, LLC February 23, 2000
- --------------------------------------------- -----------------------
**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.
Page 2
<PAGE>
Signature Page for Other Reporting Persons:
CADUCEUS CAPITAL TRUST
By: /s/Deborah O'Donnel
----------------------
Name: Deborah O'Donnel
Title: Secretary
CADUCEUS CAPITAL II, L.P.
By: OrbiMed Advisors LLC,
its general partner
By: /s/Samuel D. Isaly
----------------------
Name: Samuel D. Isaly
Title: Managing Member
FINSBURY WORLDWIDE PHARMACEUTICAL TRUST
By: /s/Samuel D. Isaly
----------------------
Name: Samuel D. Isaly
Title: Director
Page 3
<PAGE>
Designated Filer
- ----------------
OrbiMed Advisors, LLC
Date of Event Requiring Statement--7/30/99
Issuer Name - DISCOVERY LABORATORIES, INC.
Trading Symbol-"DSCO"
Other Reporting Persons:
------------------------
Caduceus Capital Trust
c/o OrbiMed Advisors, LLC
767 Third Avenue, 6th Floor
New York, NY 10010
Caduceus Capital II, L.P.
c/o OrbiMed Advisors, LLC
767 Third Avenue, 6th Floor
New York, NY 10010
Finsbury Worldwide Pharmaceutical, Trust
c/o OrbiMed Advisors, LLC
767 Third Avenue, 6th Floor
New York, NY 10010
Page 4
