Exhibit 99.1


Johnson & Johnson Elects to Increase Ownership Stake in Discovery Through
Conversion of Series C Preferred Stock

DOYLESTOWN, Pa.--(BW HealthWire)--March 8, 2000--Discovery Laboratories, Inc.
(NASDAQ Small Cap: DSCO, DSCOU) announced today that it has received a
conversion notice from the licensor of its Surfaxin(R) technology, Johnson &
Johnson (J&J). J&J was the exclusive owner of the Discovery Series C Preferred
Stock.

"We are extremely pleased that J&J has elected to increase its ownership stake
in Discovery," said Robert J. Capetola, Ph.D., CEO of Discovery and himself a
17-year veteran of J&J. "We take this as a vote of confidence in Surfaxin(R) as
well as Discovery Laboratories," added Capetola. Following the conversion of the
Series C Preferred Stock, Discovery has no more Preferred Stock in its capital
structure, nor any debt.

Discovery is a bio-pharmaceutical company whose mission is to develop and
commercialize medically novel therapeutics for critical care. Presently,
Discovery is developing Surfaxin(R) to treat respiratory distress syndrome (RDS)
in premature infants, meconium aspiration syndrome (MAS) in full term babies and
direct acute respiratory distress syndrome (ARDS). Surfaxin(R) is currently the
subject of a pivotal Phase 3 trial in MAS. Discovery is also developing
SuperVent(TM) to treat cystic fibrosis (CF). Discovery has recently completed
enrollment in a Phase 2 trial of SuperVent(TM) in CF and expects to announce
results soon. More information about Discovery is available on the company's web
site at: www.discoverylabs.com

To the extent that statements in this press release are not strictly historical,
including statements as to future financial conditions, events conditioned on
stockholder or other approval, or otherwise as to future events, such statements
are forward-looking, and are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. The forward-looking statements
contained in this release 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 the company's actual results and could cause
results to differ from those contained in the forward-looking statements
contained herein are the risk that financial conditions may change, risks
relating to the progress of the company's research and development and the
development of competing therapies and/or technologies by other companies. Those
associated risks and others are further described in the company's filings with
the Securities and Exchange Commission.