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Discovery: Aerosurf® Phase 2 Program Updateinvestor Conference Callnovember 12, 2015

The following excerpt is from the company's SEC filing.

Forward Looking Statement To the extent that statements in this presentation are not strictly historical, including statements about 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 this presentation are subject to certain risks and uncertainties that c ould cause actual results to differ materially from the statements made. These risks are further described in the Company's periodic filings with the Securities and Exchange Commission (SEC), including the most recent reports on Forms 10-K, 8-K and 10-Q, and any amendments thereto (“Company Filings”).

Primary characteristic is surfactant deficiency in underdeveloped lungs of premature infants (born with a lack of natural lung surfactant required for open airways and proper gas exchange – O2 in and CO2 out)American Academy of Pediatrics guidelines recommend providing surfactant replacement within the first hours of life1Neonatologists believe the highest unmet need in RDS is the ability to deliver surfactant non-invasively to patients2 Respiratory Distress Syndrome (RDS) 1. AAP guidelines, 20132. Discovery Labs’ primary market research (2014)

Aerosolized Surfactant for RDS Proprietary Synthetic KL4 Surfactant Designed to be structurally similar to human lung surfactantSURFAXIN® - Liquid KL4 surfactant (intratracheal instillate) for RDS approved by the FDA Innovative Aerosol Delivery Technology Designed specifically for the capability to aerosolize and deliver surfactant Potential to transform the treatment of premature infants with RDS by making surfactant therapy available through non-invasive delivery technology. ®

Current Treatment of RDS: Intubate or Not? Surfactant replacement therapy (SRT) - requires intubation and mechanical ventilation (MV); available surfactants are animal-derivedInvasive intubation and MV can result in serious respiratory conditions and other complications, such as higher risk of infection and bronchopulmonary dysplasia (BPD) Considered less invasive but does not address underlying condition – surfactant deficiencyMany infants respond poorly and require delayed rescue SRT via intubation and MV (“nCPAP failure”) Earlier SRT produces better outcomes compared to late SRT1 Invasive Intubation Nasal continuous positive airway pressure (nCPAP) 1. AAP guidelines, 2013

Current Treatment of RDS: nCPAP Used Across All Gestational Ages and Severity of RDS Frequency of RDS HIGHER LOWER Severe Moderate Mild GA <26 wks(>95% RDS) GA 26-28 wks(85-95% RDS) GA 29-32 wks(65-75% RDS) GA 33-34 wks(40-50% RDS) GA 35-36 wks(5-15% RDS) 20% ETT/SRT CPAP 80% 30% ETT/SRT CPAP 70% 55% ETT/SRT CPAP 45% 70% ETT/SRT CPAP 30% 95% ETT/SRT CPAP 5% Source: Discovery Labs’ primary market research (2014); IMS MIDAS data (2012); CDC National Vital Statistics, 2014, Healthcare Costs and Utilization Project (HCUP), 2013; Agency for Healthcare Research and Quality (AHRQ), 2012; Births by birth weight (CDC Website). Note: ETT/SRT – administration of surfactant replacement therapy via intubation with an endotracheal tube CPAP failure rates increase in lower GA infants and with severity of RDS

Current Treatment of RDS: Trends in Non-Invasive Care of Neonates – Increasing Use of nCPAP to Avoid Intubation However, still experience high nCPAP failure rates First-line nCPAP use has been trending up across all gestational ages up to 32 weeks GA Est. GA: < 24 wks ~24-27 wks ~28-29 wks ~30-32 wks Source: Soll, Obstetric and Neonatal Care Practices for Infants 501 to 1500 g From 2000 to 2009; Pediatrics; July 2013 Source: Soll, Obstetric and Neonatal Care Practices for Infants 501 to 1500 g From 2000 to 2009; Pediatrics; July 2013

RDS: Clinicians seeking a non-invasive way to deliver SRT What is wanted1:An approach that effectively delivers surfactant without intubation or mechanical ventilationPossibility of repeat dosesAvoids clinical instability associated with bolus administrationAdministration by non-specialist staffReduce cost of treating premature infants 1. Pillow & Minocchieri: Neonatology, 2012 “…optimization of less invasive method of surfactant administration will be one of the most important subjects for research in the field of surfactant therapy of RDS in coming years”. Kribs A. How best to administer surfactant to VLBW infants. Arch Dis Child Fetal Neonatal Ed 2011;doi:10.1136.

Potential to Transform Management of RDS Capillary Drug pumped through capillary Energy Input Aerosolized KL4 Surfactant via nCPAP Goal is to administer surfactant without invasive intubation and early in the management of RDS in premature infants ® We are conducting the AEROSURF® development program with the goal of establishing AEROSURF as the first aerosolized surfactant therapy to address RDS

Bridge the Surfactant / RDS Gap in the First 72 Hours 48 to 72 Hours Surfactant Deficient Endogenous Surfactant Production Birth ® GoalProvide...