Discovery Laboratories, Inc. (DSCO) Announces Personnel Changes and Provides Updates on Recent News

Today, Discovery Laboratories announced changes to its Board of Directors and also appointed a new Chief Executive Officer.

Effective immediately, the changes are as follows:

• W. Thomas Amick, 70, resigned as Chairman of the Board of Directors and CEO. Mr. Amick had served on the Board since March 2004, was Chairman of the Board since March 2007, and had been the company’s CEO since October 2010.

• John G. Cooper, 54, was named Discovery Labs’ President and CEO, in addition to being elected to the Board. Mr. Cooper was the company’s Executive Vice President and Chief Financial Officer (CFO) from 2002 until 2010, when he was promoted to President and CFO. Mr. Cooper will continue to serve as CFO.

• John R. Leone, 65, was appointed as Chairman of the Board in November 2012. With an outstanding track record in commercializing new products and technologies, Mr. Leone’s career roles have included President and CEO at Cambrex Corporation, Senior Vice President and Chief Operating Officer of U.S. Commercial Operations at Aventis Pharmaceuticals, and Senior Vice President & General Manager at Rhone-Poulenc Rorer Pharmaceuticals. Mr. Leone is currently a Partner at Paul Capital Healthcare where he focuses on investment opportunities in commercial-stage life science companies.

• Joseph M. Mahady, 59, also joined the company’s Board. Mr. Mahady had a 30-year career with Wyeth Corporation where (until its acquisition by Pfizer) he served as President and was responsible for directing worldwide operations for the company’s $20 billion global pharmaceutical business. Mr. Mahady has broad international commercial experience, including a direct leadership role in over 30 product launches, and a successful record of developing profitable businesses based on transformational technologies.

• Finally, Dr. Max Link, 72, and Dr. Antonio Esteve, 55, resigned from the Discovery Lab’s Board. Dr. Link served on the Board since October 1996 and has been Chairman of the Audit Committee since 2006. Dr. Esteve had been a member of the board since May 2002.

Mr. Leone remarked, “The board thanks Tom Amick, Max Link, and Toni Esteve for their many years of service and helping position Discovery Labs for a promising future. Our newly constituted board will build on this foundation. We believe that Discovery Labs’ KL4 surfactant and aerosol delivery technologies can bring transformational improvements to neonatal respiratory critical care. We are committed to building a specialized biotechnology company that has the potential to establish new standards in respiratory critical care.”

Early last year, the U.S. Food and Drug Administration (FDA) approved the Discovery’s SURFAXIN® drug for the prevention of respiratory distress syndrome (RDS) in premature infants who are at high risk of developing it. The U.S. commercial introduction of SURFAXIN is expected in the second quarter of 2013. SURFAXIN is the first synthetic, peptide-containing surfactant approved by the FDA and the only alternative to animal-derived surfactants.

For more information on Discovery Laboratories, visit www.discoverylabs.com

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