Discovery Laboratories, Inc. is a biopharmaceutical company developing proprietary humanized lung surfactant technology as Surfactant Replacement Therapies for respiratory diseases. Surfactants are compositions produced naturally in the lungs and are essential to the lungs' ability to absorb oxygen and to maintain proper airflow through the respiratory system. The absence or depletion of surfactants is involved in a number of respiratory diseases. The Company's technology produces an engineered version of natural human lung surfactant that is designed to closely mimic the essential properties of human lung surfactant. It completed two Phase III clinical trials of Surfaxin, its lead product, for the treatment of Respiratory Distress Syndrome in premature infants and is preparing to file drug applications with the United States Food and Drug Administration and other regulatory authorities in the rest of the world.