Discovery Labs CEO Resigns; Chairman Takes Over

WARRINGTON, Pa. (AP) — Biotechnology company Discovery Laboratories Inc. said Thursday that Robert Capetola has resigned as CEO, president and a director, and Chairman W. Thomas Amick will take on the role of interim CEO.

Capetola had served as Discovery Labs' CEO since the company's founding in 1996.

In a statement, the company said that Capetola and the board of directors felt that "a transition in leadership at this time is appropriate for Discovery Labs to capitalize on its strategic endeavors."

The company said it wants to find partners and capital to help build its pipeline of treatments for respiratory distress syndrome in infants.

Amick, who has been chairman since March 2007, will serve as CEO until the company secures "appropriate strategic alliances and necessary capital" and begins the search for a permanent chief.

The company's Surfaxin drug candidate, aimed at treating respiratory distress syndrome in infants, has faced long delays in approvals from the Food and Drug Administration. It had once hoped for a drug approval by April 2006.

The company's other products are in early stages of development.