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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
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
[_] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
[_] Form 3 Transactions Reported
[_] Form 4 Transactions Reported
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1. Name and Address of Reporting Person*
Link Max
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(Last) (First) (Middle)
Tobelhofstr 30
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(Street)
8044 Zurich Switzerland
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Discovery Laboratories, Inc. (DSCO)
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3. IRS Identification Number of Reporting Person, if an entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
12/31/1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [_] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
_____________________
________________________________________________________________________________
7. Individual or Joint/Group Reporting
(check applicable line)
[X] Form Filed by One Reporting Person
[_] Form Filed by More than One Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
Disposed of (D) Owned at the Form: 7.
(Instr. 3, 4 and 5) End of Direct Nature of
2. 3. ----------------------------- Issuer's (D) or Indirect
1. Transaction Transaction (A) Fiscal Year Indirect Beneficial
Title of Security Date (Month/ Code Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) Day/Year) (Instr. 8) (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
* If the form is filed by more than one Reporting Person, see Instruction
4(b)(v).
<PAGE>
FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- Securities Date Securities Price Bene- ity: In-
cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- 4. or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Trans- of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date action (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ Code 4 and 5) Date Expira- Number ity Year (I) ship
Security Secur- Day/ (Instr. ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) 8) (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Stock Option $0.81 6/28/1999 M(1) A 6/28/1999 6/28/2009 Common 10,000 37,291 D N/A
(right to buy) Stock
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Explanation of Responses:
1. Director automatic option grant - vests one year from grant date.
</TABLE>
/s/ Max Link February 11, 2000
By: ---------------------------------------- -----------------------
**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.
