WARRINGTON, Pa., Aug. 13, 2009 (GLOBE NEWSWIRE) -- Discovery Laboratories, Inc. (Nasdaq:DSCO), a biotechnology company developing its proprietary KL4 surfactant technology to improve respiratory critical care medicine, today announced the resignation of President and Chief Executive Officer Robert J. Capetola, Ph.D. Dr. Capetola has also resigned as a Director of Discovery Labs' Board of Directors. W. Thomas Amick, Chairman of the Board of Discovery Labs, has been appointed interim Chief Executive Officer.
Mr. Amick has served as Discovery Labs' Chairman since March 2007. Mr. Amick is a respected industry veteran with more than 30 years of pharmaceutical and biotechnology experience as a senior executive with Johnson & Johnson. His leadership was instrumental in building Johnson & Johnson's biotechnology business into a multi-billion dollar operation. Mr. Amick also serves as an advisor to several well-regarded private equity firms focused on the biopharmaceutical industry and as a member of the board of directors of several biotechnology companies.
Dr. Capetola, together with the Board, felt that a transition in leadership at this time is appropriate for Discovery Labs to capitalize on its strategic endeavors. Mr. Amick and the Board of Directors expressed appreciation for Dr. Capetola's leadership and tenure as Discovery Labs' founding CEO. "Bob made a significant contribution to Discovery Labs by guiding us over the past 13 years. We thank Bob and wish him all the best in his future endeavors," commented Mr. Amick.
With respect to Discovery Labs' near term objectives and its promising KL4 pipeline programs, which employ its synthetic KL4 surfactant technology and Capillary Aerosolization Technology platform, Mr. Amick commented, "Our top priority is to secure strategic alliance partners and access capital to advance our KL4 surfactant pipeline and build shareholder value. The most advanced programs from our KL4 surfactant pipeline have the potential to greatly improve the management of RDS and represent the opportunity, over time, to significantly expand the total RDS market from a current estimate of approximately $200 million to a worldwide annual market opportunity approaching $1 billion."
Mr. Amick is anticipated to remain in the role of Interim CEO until such time as Discovery Labs has secured appropriate strategic alliances and necessary capital. At that time, it is anticipated that the Company will initiate a search for a new CEO.
About Discovery Labs
Discovery Laboratories, Inc. is a biotechnology company developing Surfactant Therapies for respiratory diseases. Surfactants are produced naturally in the lungs and are essential for breathing.
