2004 December 13, 2004 Treatment with Surfaxin Supports Improved Survival of Premature Babies December 7, 2004 Discovery Labs and Esteve Restructure Their Strategic Alliance December 7, 2004 Discovery Labs Announces Encouraging Preliminary Data from ARDS Phase 2 Clinical Trial December 1, 2004 Discovery Labs to Present at Harris Nesbitt 4th Annual Focus on Healthcare Conference November 18, 2004 Discovery Labs Adds Two Senior Executives to Its Commercial Organization November 15, 2004 Discovery Laboratories Added to NASDAQ Biotech Index November 12, 2004 Discovery Laboratories to Present at SG Cowen 5th Annual Health Care Conference November 4, 2004 Discovery Laboratories Reports Third Quarter 2004 Financial Results November 4, 2004 Discovery Makes Strategic Moves to Pioneer Medical and Commercial Opportunities of Surfactant Replacement Therapy for Neonatology November 2, 2004 Discovery Laboratories Announces Third Quarter Conference Call and Webcast

November 2, 2004 Discovery Laboratories Expands its Capital Lease Financing Facility with GE Healthcare Financial Services to Approximately $9 Million

October 27, 2004 EMEA Validates Discovery Laboratories MAA to Market Surfaxin in Europe October 5, 2004 Discovery Laboratories Submits Marketing Authorization Application to Market Surfaxin in Europe September 14, 2004 W. Thomas Amick, Former J&J Senior Executive, Appointed To Discovery Labs’ Board Of Directors September 9, 2004 Discovery Laboratories to Present at Bear Stearns 17th Annual Healthcare Conference August 12, 2004 Surfaxin Receives Orphan Drug Designation from European Commission August 5, 2004 Discovery Laboratories Reports Second Quarter 2004 Financial Results August 2, 2004 Discovery Laboratories Announces Second Quarter Conference Call July 8, 2004 Discovery Laboratories Secures $75 Million Committed Equity Financing Facility July 1, 2004 SURFAXIN Receives Positive Opinion From European Medicines Evaluation Agency for Orphan Drug Designation June 30, 2004 Discovery Laboratories Elevated to NASDAQ National Market

June 15, 2004 Discovery Laboratories Announces FDA Acceptance of Surfaxin® New Drug Application

June 10, 2004 Discovery Laboratories to Present at the Needham & Company 3rd Annual Biotechnology Conference June 1, 2004 Mark G. Osterman Joins Discovery Laboratories as Senior Vice President, Sales and Marketing May 6, 2004 Discovery Laboratories Reports First Quarter 2004 Financial Results May 5, 2004 Discovery Laboratories Announces First Quarter Conference Call and Webcast April 27, 2004 Pivotal Phase 3 Study Results of Surfaxin® (lucinactant) for the Prevention of Respiratory Distress Syndrome in Premature Infants to be Presented at the Pediatric Academic Societies’ Annual Meeting April 14, 2004 Discovery Laboratories Files New Drug Application with the FDA to Market Surfaxin® for the Prevention of Respiratory Distress Syndrome in Premature Infants April 2, 2004 Discovery Laboratories Announces Completion of Underwritten Offering of Common Stock March 30, 2004 Discovery Laboratories Announces Pricing of Underwritten Offering of Common Stock March 16, 2004 Discovery Laboratories Reports Fourth Quarter and Year End 2003 Financial Results March 9, 2004 Discovery Laboratories Successfully Completes Phase 1b Asthma Clinical Trial

March 3, 2004 Discovery Laboratories to Present at the SG Cowen 24th Annual Health Care Conference

February 19, 2004 FDA Selects Discovery Laboratories’ Surfaxin® ARDS Program For Its New Continuous Marketing Application Pilot 2 Program February 17, 2004 Discovery Laboratories Announces Conference Call and Webcast February 6, 2004 Discovery Laboratories Adopts Shareholder Rights Plan January 5, 2004 Discovery Laboratories to Present at the 22nd Annual JP Morgan Healthcare Conference

2003 December 22, 2003 Discovery Laboratories Initiates Phase 1b Asthma Clinical Trial December 19, 2003 Discovery Laboratories Files Shelf Registration Statement December 9, 2003 Discovery to Present at the Harris Nesbitt Gerard Healthcare Conference November 25, 2003 Discovery Laboratories Announces Positive Phase 3 Top-Line Results in Pivotal Trial of Surfaxin for the Treatment of Respiratory Distress Syndrome in Premature Infants November 13, 2003 Discovery Laboratories Reports Third Quarter Financial Results November 11, 2003 Discovery Laboratories Schedules Third Quarter Conference Call and Webcast October 17, 2003 Discovery Laboratories Adds United States Patent to Surfactant Patent Estate September 30, 2003 Discovery Laboratories Schedules Conference Call and Webcast August 12, 2003 Discovery Laboratories Reports Second Quarter Financial Results August 7, 2003 Discovery Laboratories Schedules Second Quarter Conference Call and Webcast

July 17, 2003 Discovery Laboratories Appoints Ronald J. Ritz Vice President of Manufacturing Operations

June 20, 2003 Discovery Laboratories Completes $27.5 Million Private Placement Financing June 4, 2003 Discovery Laboratories Announces Results of its Supportive Phase 3 Clinical Trial of Surfaxin® for Respiratory Distress Syndrome in Premature Infants June 3, 2003 Discovery Laboratories Announces Conference Call and Webcast to Update Progress of Phase 3 Clinical Trials for Respiratory Distress Syndrome in Premature Infants May 14, 2003 Discovery Laboratories Reports First Quarter Financial Results May 13, 2003 Discovery Laboratories Schedules First Quarter Conference Call and Webcast May 8, 2003 Discovery CEO Testifies Before U.S. Congressional Subcommittee On Applications Of Surfactant Replacement Therapy For SARS April 23, 2003 Discovery Develops Its Surfactant As An Inhalable Aerosol That Retains Critical Therapeutic Properties April 23, 2003 Discovery To Present At The CIBC World Markets Annual Biotechnology And Specialty Pharmaceuticals Conference April 9, 2003 Discovery's Humanized Lung Surfactant Exhibits Significant Anti-Inflammatory Properties—Results Suggest Discovery's Surfactant May Also Modify the Severity of Lung Injury in Respiratory Diseases March 17, 2003 Discovery Laboratories to Present at SG Cowen's Health Care Conference

February 20, 2003 Discovery Laboratories Reports 2002 Year End Financial Results—Manufacturing of Surfaxin® for ARDS Trial to Recommence in March 2003

February 20, 2003 Discovery Laboratories Updates Progress of Pivotal, Landmark Phase 3 Clinical Trial for Respiratory Distress Syndrome in Premature Infants February 18, 2003 Discovery Laboratories Schedules Year-End Conference Call and Webcast February 11, 2003 Discovery Laboratories Appoints Dr. Vincent Benn Vice President of Clinical Operations

2002 December 19, 2002 Discovery Laboratories Announces Interruption in Supply of Surfaxin® for ARDS Phase 2 Trial - Completion Anticipated in Q2 2003 November 13, 2002 Discovery Laboratories Schedules Third Quarter Conference Call and Webcast November 8, 2002 Discovery Laboratories Reports Third Quarter Financial Results November 6, 2002 Discovery Laboratories Completes $12.8 Million Private Placement Financing October 17, 2002 Discovery and Collagenex Collaborate to Develop Novel Treatments for Respiratory Diseases October 7, 2002 Discovery Awarded European Patent Covering Proprietary Peptides for Humanized Pulmonary Surfactant Technology August 22, 2002 Discovery Laboratories will be Presenting at the Wall Street Analyst Forum in New York on September 9, 2002 July 30, 2002 Discovery Laboratories Schedules Second Quarter Conference Call and Webcast July 29, 2002 Discovery Laboratories and Aerogen Collaborate for Aerosol Delivery of Surfactants for the Treatment of Respiratory Disease in the Hospital July 18, 2002 Discovery Laboratories Completes Dose-Ranging Stage of its Phase 2 Clinical Trial of Surfaxin® for Acute Respiratory Distress Syndrome (ARDS) Click here for information on Surfaxin & ALI/ARDS (including a Video on Surfaxin® Lavage for ARDS)

May 6, 2002 Discovery Laboratories Reports First Quarter Financial Results

March 28, 2002 Discovery Laboratories Reports Fourth Quarter and 2001 Year End Financial Results March 7, 2002 Discovery Laboratories & Esteve Expand Relationship to Develop and Commercialize Surfaxin® in Europe February 22, 2002 Discovery Laboratories Appoints Dr. Ralph Niven as Senior Vice President to Lead its Aerosolized Surfactant Program February 15, 2002 European Orphan Product Designation Awarded To Discovery’s Surfaxin® For Acute Lung Injury

2001 December 20, 2001 Discovery Laboratories appoints Chief Financial Officer December 11, 2001 Discovery Laboratories And Quintiles to Commercialize Surfaxin® October 2, 2001 Discovery Laboratories Completes $7.7 Million Private Placement September 21, 2001 Discovery Laboratories Launches Phase 3 IRDS Clinical Trial In Europe And United States August 14, 2001 Discovery Laboratories Announces Second Quarter 2001 Results August 9, 2001 Discovery Laboratories Awarded Orphan Product Designation From EMEA For Surfaxin® in Meconium Aspiration Syndrome July 9, 2001 Discovery Laboratories Launches Pivotal Phase 3 IRDS Trial June 5, 2001 Discovery Laboratories To Present At The Wall Street Analyst Forum On June 5, 2001--Webcast Available May 14, 2001 Discovery Laboratories, Inc. Announces 2001 First Quarter Results April 30, 2001 Discovery Laboratories Adds Mark S. Siegel to its Board of Directors

April 4, 2001 Discovery Laboratories Receives FDA Agreement on Pivotal Phase 3 IRDS Trial Design

April 2, 2001 Discovery Laboratories, Inc. Announces 2000 Financial Results February 23, 2001 Discovery Laboratories, Inc. Addresses Plans to Conduct a Surfaxin® Trial in Latin America February 1, 2001 Discovery Laboratories, Inc. Outlines 2001 Goals and Objectives

2000 December 22, 2000 Discovery Announces Retention of Ernst & Young As New Auditing Firm November 16, 2000 Discovery Laboratories, Inc. Receives FDA Clearance to Begin Surfaxin® Clinical Trial November 15, 2000 Discovery Laboratories, Inc. Announces 2000 Third Quarter Results November 7, 2000 Discovery Laboratories, Inc. Establishes Office in United Kingdom to Develop Surfaxin® October 31, 2000 Discovery Laboratories, Inc. Awarded $1 Million Fast-Track SBIR Grant by NIH to Develop Surfaxin® October 18, 2000 Discovery Laboratories Receives Broad European Patent Covering Surfactant Peptides September 20, 2000 Discovery Laboratories Appoints Deni M. Zodda, Ph.D. As Senior Vice President, Business Development August 29, 2000 Discovery Laboratories, Inc. Announces The Initiation Of Trading Of Its Common Shares On The Berlin Stock Exchange August 15, 2000 Discovery Laboratories, Inc. Announces Second Quarter 2000 Results

August 2, 2000 Discovery Laboratories Board Of Directors Elects Herbert H. McDade, Jr., As Chairman

June 23, 2000 Merck Physician Joins Discovery Laboratories as Vice President of Clinical Research June 1, 2000 Discovery Announces Further Positive Results of Phase 2A Study of SuperVent™ in Cystic Fibrosis May 15, 2000 Discovery Laboratories, Inc. Announces 2000 First Quarter Results May 10, 2000 Discovery Laboratories, Inc. Announces Correction of Delisting Report April 6, 2000 Discovery Laboratories, Inc. Announces The Appointment of Dr. Timothy J. Gregory March 30, 2000 Discovery Laboratories, Inc. Announces 1999 Results March 28, 2000 Discovery Laboratories, Inc. Announces Positive Results Of Phase 2A Study Of SuperVent™ In Cystic Fibrosis March 20, 2000 Discovery Laboratories, Inc. Announces $18.5 Million Private Placement March 10, 2000 Discovery Laboratories, Inc. Announces the Appointment of Milton Packer, M.D. as Distinguished Clinical Advisor March 8, 2000 Johnson & Johnson Elects to Increase Ownership Stake in Discovery Through Conversion of Series C Preferred Stock

February 25, 2000 OrbiMed Advisors, LLC Elects to Increase Ownership Stake in Discovery Through Exercise of Warrants

February 24, 2000 Discovery To Begin Exploration of Surfaxin® Platform For Aerosolized Formulations for Asthma and Other Respiratory Diseases January 27, 2000 Discovery Laboratories, Inc. To Begin Pivotal Phase 3 Study of Surfaxin® in Meconium Aspiration Syndrome January 12, 2000 Discovery Laboratories Receives Broad Patent Covering Surfactant Lavage

The press releases and information stored here shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. To the extent that statements in the press releases and information stored here are not strictly historical, including statements as to the Company's business strategy, outlook, objectives, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's product development, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in these releases are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Among the factors which could affect the Company's actual results and could cause  results to differ from those contained in the forward-looking statements contained herein are the risk that financial conditions may change, the risk that the Company will not be able to raise additional capital or enter into additional collaboration agreements, risks relating to the progress of the Company's research and development and the development of competing therapies and/or technologies by other companies.  Those associated risks and others are further described in the Company's periodic filings with the Securities and Exchange Commission, including the most recent reports on Forms 10-KSB, 8-K, 10-QSB and 10-Q, and amendments thereto.