WARRINGTON, Pa., June 21, 2006 (PRIMEZONE) -- Discovery Laboratories, Inc. (Nasdaq:DSCO), today announced the re-appointment of Thomas Miller, Ph.D., MBA, to the Company in the new position of Senior Vice President, Commercialization and Corporate Development. Dr. Miller will be responsible for directing the commercial strategy for the Company's Surfactant Replacement Therapy (SRT) pipeline, with an initial focus on potential products (Surfaxin(r) and Aerosurf(tm) life cycle as well as other novel SRT formulations) addressing the most significant respiratory conditions prevalent in the neonatal intensive care unit. Additionally, Dr. Miller will be a key member of executive management evaluating the Company's strategic alternatives including potential business alliances, commercial and development partnerships, financings, and other business opportunities. This new executive position reports directly to the President and Chief Executive Officer.
Robert J. Capetola, Ph.D., Discovery's President and Chief Executive Officer commented, "Tom's hands-on leadership effort as the key architect of our previous plan to commercialize Surfaxin, coupled with his scientific knowledge of neonatal respiratory medicine, will be pivotal in executing our go-forward commercial strategy. Tom has extensive experience in understanding the role precision-engineered surfactant therapies can play in neonatology and I consider him a leading commercial authority in the field. He has developed an extensive global network and is well respected by thought leaders in the neonatal community. We are extremely pleased to have Tom rejoin our management team in this important strategic position."
Dr. Miller initially joined Discovery in August 2004 as Vice President of Worldwide Marketing. Prior to joining the Company, Dr. Miller served as the Director of Global Biologics Strategic Marketing at Centocor, a Johnson & Johnson biotechnology company, where he was responsible for the development of global business strategy for emerging, niche-market products. Previously, Dr. Miller held commercial positions of increasing responsibility at Pharmacia and BASF Pharma. Dr. Miller holds an MBA from Fairleigh Dickinson University and a Ph.D. in Cardio-respiratory physiology from Temple University School of Medicine, where his research focus was respiratory insufficiency and critical care intervention in neonates.
About Discovery Labs
Discovery Laboratories, Inc. is a biotechnology company developing its proprietary surfactant technology as Surfactant Replacement Therapies (SRT) for respiratory diseases. Surfactants are produced naturally in the lungs and are essential for breathing. Discovery Labs' technology produces a precision-engineered surfactant that is designed to closely mimic the essential properties of natural human lung surfactant. Discovery Labs believes that through its technology, pulmonary surfactants have the potential, for the first time, to address respiratory diseases where there are few or no approved therapies available.
Discovery's lead product, Surfaxin(r), for the prevention of Respiratory Distress Syndrome (RDS) in premature infants, has received two Approvable Letters from the FDA.
Discovery's proprietary SRT is also being developed in an aerosolized form under the name Aerosurf(tm), for the treatment of neonatal respiratory disorders. Discovery is preparing to conduct Phase 2 pilot studies with Aerosurf(tm), aerosolized SRT administered through nasal continuous positive airway pressure (nCPAP). Also for premature infants, Discovery recently concluded early a Phase 2 clinical trial of Surfaxin for the prevention and treatment of Bronchopulmonary Dysplasia (BPD). Discovery recently completed and announced preliminary results of a Phase 2 clinical trial to address Acute Respiratory Distress Syndrome (ARDS) in adults, and is also developing aerosol formulations of SRT to potentially address Acute Lung Injury (ALI), cystic fibrosis and other respiratory conditions.
For more information, please visit our corporate website at www.Discoverylabs.com.
To the extent that statements in this press release are not strictly historical, including statements as to business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of Discovery's product development, events conditioned on stockholder or other approval, or otherwise as to future events, all such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 Discovery's actual results and could cause results to differ from those contained in these forward-looking statements are the risk that financial conditions may change, risks relating to the progress of Discovery's research and development, the risk that Discovery will not be able to raise additional capital or enter into additional collaboration agreements (including strategic alliances for aerosol and Surfactant Replacement Therapies), risk that Discovery will not be able to develop a successful sales and marketing organization in a timely manner, if at all, risk that Discovery's internal sales and marketing organization will not succeed in developing market awareness of Discovery's products, risk that Discovery's internal sales and marketing organization will not be able to attract or maintain qualified personnel, risk of delay in the FDA's or other health regulatory authorities' approval of any applications filed by Discovery, risks that any such regulatory authority will not approve the marketing and sale of a drug product even after acceptance of an application filed by Discovery for any such drug product, risks relating to the ability of Discovery's third party contract manufacturers and development partners to provide Discovery with adequate supplies of drug substance, drug products and expertise for completion of any of Discovery's clinical studies, other risks relating to the lack of adequate supplies of drug substance and drug product for completion of any of Discovery's clinical studies, risks relating to the ability of the Company and its collaborators to develop and successfully commercialize products that will combine our drug products with innovative aerosolization technologies, risks relating to the significant, time-consuming and costly research, development, pre-clinical studies, clinical testing and regulatory approval for any products that we may develop independently or in connection with our collaboration arrangements, and risks relating to the development of competing therapies and/or technologies by other companies. Companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in advanced clinical trials, even after obtaining promising earlier trial results. Data obtained from tests are susceptible to varying interpretations, which may delay, limit or prevent regulatory approval. Those associated risks and others are further described in Discovery's filings with the Securities and Exchange Commission including the most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto.