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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| Delaware                                                       |                                     | 94-3171943                              |
|----------------------------------------------------------------|------------------------------------------|-----------------------------------------|
| (State or other jurisdiction of incorporation or organization) |                                     | (I.R.S. Employer Identification Number) |
|                                                           | 2600 Kelly Road, Suite 100               |                                    |
|                                                           | Warrington, Pennsylvania 18976-3622      |                                    |
|                                                           | (Address of principal executive offices) |                                    |

| Title of each class             | Name of each exchange on which registered |
|---------------------------------|-------------------------------------------|
|                            |                                      |
| Common Stock, $0.001 par value  | The Nasdaq Capital Market                 |
| Preferred Stock Purchase Rights |                                      |

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| Large accelerated filer   | ☐ | Accelerated filer                     | ☐ |
|-------------------------------------|---------|---------------------------------------|---------|
|                                |    |                                  |    |
| Non-accelerated filer               | ☐ | Smaller reporting company   | ☒ |

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| PART III   |                                                                                           |   |
|------------|------------------------------------------------------------------------------------------------|--------|
|       |                                                                                           |   |
| ITEM 10.   | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE                                         | 1      |
|       |                                                                                           |   |
| ITEM 11.   | EXECUTIVE COMPENSATION                                                                         | 5      |
|       |                                                                                           |   |
| ITEM 12.   | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 12     |
|       |                                                                                           |   |
| ITEM 13.   | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE                      | 15     |
|       |                                                                                           |   |
| ITEM 14.   | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                                         | 16     |
|       |                                                                                           |   |
| ITEM 15.   | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES                                                     | 17     |
|       |                                                                                           |   |
| SIGNATURES | 18                                                                                             |

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| ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|----------|--------------------------------------------------------|

| Name                        |   | Position with the Company                       |
|-----------------------------|--------|-------------------------------------------------|
|                        |   |                                            |
| John R. Leone               |   | Chairman of the Board                           |
|                        |   |                                            |
| Craig Fraser                |   | Director, President and Chief Executive Officer |
|                        |   |                                            |
| Joseph M. Mahady            |   | Director                                        |
|                        |   |                                            |
| Bruce A. Peacock            |   | Director                                        |
|                        |   |                                            |
| Marvin E. Rosenthale, Ph.D. |   | Director                                        |

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| Name                     | Position with the Company                                      |
|--------------------------|----------------------------------------------------------------|
|                     |                                                           |
| Craig Fraser             | President and Chief Executive Officer                          |
| John A. Tattory          | Senior Vice President and Chief Financial Officer              |
| Steven G. Simonson, M.D. | Senior Vice President and Chief Development Officer            |
| Mary B. Templeton, Esq.  | Senior Vice President, General Counsel and Corporate Secretary |
| Kathryn A. Cole          | Senior Vice President, Human Resources                         |
| George Cox               | Vice President, Technical Operations                           |
| Lawrence A. Weinstein    | Vice President, Medical Device Development                     |

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|  | · | the maintenance by management of the reliability and integrity of the Company’s accounting policies, financial reporting and disclosure practices, and tax compliance; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the establishment and maintenance by management of processes to assure that an adequate system of internal control is functioning within the Company; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the establishment and maintenance by management of processes to assure compliance by the Company with all applicable laws, regulations and Company policy. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 11. | EXECUTIVE COMPENSATION |
|----------|------------------------|

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| Name and Principal Position               |   | Year   |   | Salary($) |    | Bonus($) |   | Option Award($)(1) |    | All OtherCompensation($)(2) |   | Total($) |
|-------------------------------------------|--------|--------|--------|-----------|---------|----------|--------|--------------------|---------|-----------------------------|--------|----------|
|                                      |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |
| John G. Cooper                            |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |
| President and Chief Executive Officer (3) |   | 2015   |   | $         | 400,000 |     |   | $                  | 150,000 |                        |   | $        | 308,805 |   |   | $ | 18,001 |   |   | $ | 876,806 |   |
|                                      |   | 2014   |   |      | 400,000 |     |   |               | – |                        |   |     | 206,410 |   |   |   | 17,500 |   |   |   | 623,910 |   |
|                                      |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |   |   |   |   |   |
| Steven G. Simonson, M.D.                  |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |   |   |   |   |   |
| Senior Vice President and                 |   | 2015   |   |      | 315,000 |     |   |               | 100,000 |                        |   |     | 242,633 |   |   |   | 18,001 |   |   |   | 675,634 |   |
| Chief Development Officer                 |   | 2014   |   |      | 186,364 |     |   |               | – |                        |   |     | 163,212 |   |   |   | 7,387 |   |   |   | 356,963 |   |
|                                      |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |   |   |   |   |   |
| John A. Tattory                           |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |   |   |   |   |   |
| Senior Vice President,                    |   | 2015   |   |      | 265,850 |     |   |               | 77,000  |                        |   |     | 132,345 |   |   |   | 10,875 |   |   |   | 486,070 |   |
| Chief Financial Officer and Treasurer     |   | 2014   |   |      | 253,495 |     |   |               | – |                        |   |     | 185,769 |   |   |   | 15,600 |   |   |   | 454,864 |   |
|                                      |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |   |   |   |   |   |
| Thomas F. Miller, Ph.D., MBA              |   |   |   |      |    |     |   |               |    |                        |   |     |   |   |   |   |   |   |   |   |   |   |
| Former Senior Vice President and          |   | 2015   |   |      | 447,590 |     |   |               | 30,684  |                        |   |     | - |   |   |   | 3,374 |   |   |   | 481,648 |   |
| Chief Operating Officer (3)               |   | 2014   |   |      | 325,000 |     |   |               | – |                        |   |     | 123,846 |   |   |   | 17,500 |   |   |   | 466,346 |   |

|   | (1) | Represents the grant date fair value of the stock options computed in accordance with Accounting Standards Codification (ASC) Topic 718 “Stock Compensation” (ASC Topic 718).  The assumptions that we utilized are described in Note 11, “Stock Options and Stock-based Employee Compensation,” to our consolidated financial statements for the year ended December 31, 2015, which are included in the 2015 Annual Report.  The amounts reported in this column have not been paid to, nor realized by, the Named Executive Officer.  The Compensation Committee approved grants to Mr. Cooper, Dr. Simonson, and Mr. Tattory on March 27, 2015 for 25,000, 19,643 and 10,714 shares, respectively, each with an exercise price of $16.38.  The Compensation Committee approved grants to Mr. Cooper, Mr. Tattory and Dr. Miller on March 6, 2014 for 7,143, 6,429 and 4,286 shares, respectively, each with an exercise price of $36.12.  Dr. Simonson received a grant on May 19, 2014 upon the commencement of his employment of an option to purchase 8,571 shares with an exercise price of $23.80.  All options vest in three equal annual installments beginning with the first year anniversary of the date of grant, except that Dr. Simonson’s initial option vested 17% when issued and thereafter in three equal installments on the first three anniversaries of the date of grant.  All options have a term of 10 years. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | The reported amount reflects the Company match under the Company’s 401(k) Plan.  During 2015 and 2014, as applicable, the aggregate perquisites and other personal benefits afforded to each Named Executive Officer was less than $10,000, calculated as the incremental cost of providing such benefits to each Named Executive Officer, in accordance with SEC disclosure rules.  This amount does not include the cost of medical and health benefits, as such benefits are available to all of our employees.  See also, “– Retirement Benefits,” and “– Executive Employment Agreements.” |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Mr. Cooper resigned his position effective January 31, 2016. We terminated Dr. Miller's employment agreement with us on April 17, 2015. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

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|                     |   | Option Awards                                                    |
|--------------------------|--------|------------------------------------------------------------------|
| NamedExecutiveOfficer    |   | No. of SecuritiesUnderlyingUnexercised Options–Exercisable |   | No. of SecuritiesUnderlyingUnexercised Options –Unexercisable | OptionExercisePrice ($)* | OptionExpirationDate |
|                     |   |                                                             |   |   |   |   |
| John G. Cooper           |   | 238                                                              |   |   | 1,472.10 | 1/3/16 |
|                     |   | 1,190                                                            |   |   | 472.50 | 5/17/16 |
|                     |   | 952                                                              |   |   | 516.60 | 12/15/16 |
|                     |   | 762                                                              |   |   | 686.70 | 6/21/17 |
|                     |   | 714                                                              |   |   | 548.10 | 12/11/17 |
|                     |   | 635                                                              |   |   | 254.10 | 12/12/18 |
|                     |   | 1,270                                                            |   |   | 405.30 | 12/12/18 |
|                     |   | 17,857                                                           |   |   | 25.62 |    10/7/21 |
|                     |   | 9,286                                                            |   |   | 37.94 | 5/4/22 |
|                     |   | 16,667                                                           |  (1) | 8,333 (1) | 33.04 | 3/26/23 |
|                     |   | 2,381                                                            |  (1) | 4,762 (1) | 36.12 | 3/6/24 |
|                     |   |                                                             |   | 25,000 (1) | 16.38 | 3/27/25 |
|                     |   |                                                             |   |   |   |   |
| Steven G. Simonson, M.D. |   | 3,810                                                            |  (2) | 4,761 (2) | 23.80 | 5/19/24 |
|                     |   |                                                             |   | 19,643 (1) | 16.38 | 3/27/25 |
|                     |   |                                                             |   |   |   |   |
| John A. Tattory          |   | 357                                                              |   |   | 378.00 | 1/28/18 |
|                     |   | 238                                                              |   |   | 405.30 | 9/26/18 |
|                     |   | 95                                                               |   |   | 254.10 | 12/12/18 |
|                     |   | 5,357                                                            |   |   | 25.62 | 10/7/21 |
|                     |   | 2,857                                                            |   |   | 37.94 | 5/4/22 |
|                     |   | 3,811                                                            |  (1) | 1,904 (1) | 33.04 | 3/26/23 |
|                     |   | 2,144                                                            |  (1) | 4,285 (1) | 36.12 | 3/6/24 |
|                     |   |                                                             |   | 10,714 (1) | 16.38 | 3/27/25 |
|                     |   |                                                             |   |   |   |   |
| Thomas F. Miller (3)     |   | 167                                                              |   |   | 1,472.10 | 1/3/16 |
|                     |   | 333                                                              |   |   | 294.00 | 4/17/16 |
|                     |   | 72                                                               |   |   | 417.90 | 4/17/16 |
|                     |   | 476                                                              |   |   | 516.60 | 4/17/16 |
|                     |   | 381                                                              |   |   | 686.70 | 4/17/16 |
|                     |   | 524                                                              |   |   | 548.10 | 4/17/16 |
|                     |   | 238                                                              |   |   | 254.10 | 4/17/16 |
|                     |   | 476                                                              |   |   | 405.30 | 4/17/16 |
|                     |   | 14,285                                                           |   |   | 25.62 | 4/17/16 |
|                     |   | 4,762                                                            |   |   | 37.94 | 4/17/16 |
|                     |   | 9,525                                                            |   |   | 33.04 | 4/17/16 |
|                     |   | 1,429                                                            |   |   | 36.12 | 4/17/16 |

| * | Adjusted where applicable to reflect the 1-for-15 reverse stock split effective December 28, 2010 and the 1-for-14 reverse stock split effective January 22, 2016. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | These options vest and become exercisable in three equal installments on the first three anniversaries of the date of grant, and expire on the tenth anniversary of the date of grant. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | These options vest and become exercisable as follows: 1,429 on the date of grant and thereafter the remaining options in three equal installments on the first three anniversaries of the date of grant, and expire on the tenth anniversary of the date of grant. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Under his employment agreement with us, Dr. Miller’s options continue to be exercisable until the earlier of the expiration of their term or the first anniversary of the date of termination of his employment with us on April 17, 2015. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | · | The Executive Agreements were effective April 1, 2013 for Mr. Cooper, March 21, 2014 for Mr. Tattory and December 19, 2014 for Dr. Simonson.  Beginning on April 1, 2017, the Compensation Committee or an executive may determine not to renew an agreement and provide notice of non-renewal to the other party at least 90 days prior to the expiration date.  If such notice is not provided, the term of such agreement will automatically be extended for two additional years.  The Executive Agreements include a 12-month post-employment noncompetition agreement, an 18‐month non-solicitation agreement, and provide for confidentiality and the assignment to us of all intellectual property.  The base salaries for Mr. Cooper, Mr. Tattory, and Dr. Simonson were originally $400,000, $260,000, and $300,000, respectively, and following adjustments in March 2015, were $400,000, $267,800, and $320,000, respectively on December 31, 2015.  Effective February 1, 2016, Mr. Tattory’s base salary was increased to $290,000 and Dr. Simonson’s base salary was increased to $330,000.  Each executive has a target annual bonus (“Annual Bonus Amount”), which is a percent of base salary and is awarded at the discretion of the Compensation Committee.  The Annual Bonus Amount for Mr. Cooper was 50% and for each of Mr. Tattory, and Dr. Simonson, 30%, of such individual’s base salary. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Upon termination by us without Cause or by the executive for Good Reason (in each case as defined in the Executive Agreements), in addition to any amounts or benefits that are due under any of our vested plans or other policy, and on the condition that the executive enters into a separation agreement containing a final and effective plenary release of claims in a form acceptable to us, each executive will be entitled to: (i) a pro rata bonus equal to a percentage of the executive’s Annual Bonus Amount determined by dividing the total actual bonuses paid to other contract executives for the year in which the termination occurs by the aggregate of such other contract executives’ total target bonuses for that year, and further prorated for the number of days the executive was employed in the year of termination, payable at the time that other contract executives are paid bonuses with respect to the year of termination; (ii) a severance amount equal to the sum of the executive’s base salary then in effect (determined without regard to any reduction constituting Good Reason) and the Annual Bonus Amount (multiplied by 1.5 for Mr. Cooper), payable in equal installments from the date of termination to the date that is 12 months (18 months for Mr. Cooper) after the date of termination (the “Severance Period”); and (iii) all vested stock options, restricted stock grants and other similar equity awards held by the executive (“Executive Equity Awards”) shall continue to be exercisable during the Severance Period.  For Mr. Cooper, his Executive Equity Awards shall continue to vest for a period of 18 months, and be exercisable for a period of 36 months, after the date of termination.  In addition, during the Severance Period, if the executive elects to continue medical benefits through the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), we will continue to pay our costs of the executive’s and his or her dependents’ benefits as in effect on the date of termination as such benefits are provided to active employees.  If COBRA coverage is unavailable, we will reimburse the executive an amount which, after taxes, is sufficient to purchase medical and dental coverage substantially equivalent to that which the executive and his dependents were receiving immediately prior to the date of termination and that is available to comparable active employees, reduced by the amount that would be paid by comparable active employees for such coverage under our plans, and provided further, that our obligation to provide benefits will cease or be reduced to the extent that a subsequent employer provides substantially similar coverages.  All of our obligations to an executive shall cease if at any time during the Severance Period the executive engages in a material breach of the Executive Agreement and fails to cure such breach within five business days after receipt from us of notice of such breach. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Upon termination in connection with a Change of Control (as defined in the Executive Agreements), in addition to the benefits that arise upon a Change of Control (discussed below) and any benefits that are due to an executive under any vested plans or other policies, the executive shall be entitled to: (i) a pro rata bonus equal to the executive’s Annual Bonus Amount and prorated for the number of days the executive was employed in the year of termination, payable in a lump sum within 10 days after the date of termination; (ii) a severance amount equal to 1.5 (2.0 for Mr. Cooper) times the sum of the executive’s base salary then in effect (determined without regard to any reduction constituting Good Reason) and the Annual Bonus Amount, payable in a lump sum within 10 days after the date of termination except in certain circumstances; and (iii) all Executive Equity Awards shall accelerate and become fully vested and any restrictions under restricted stock agreements will be lifted.  In addition, if the executive elects to continue medical benefits through COBRA, for a period of 18 months (24 months for Mr. Cooper), we will continue to pay our costs of the executive’s benefits as in effect on the date of termination as such benefits are provided to active employees.  If COBRA coverage is unavailable, we will reimburse the executive an amount which, after taxes, is sufficient to purchase coverage that is substantially equivalent to the coverage available to comparable active employees on the date of termination, reduced by the amount that would be paid by comparable active employees, provided that our obligation to provide benefits shall cease or be reduced to the extent that a subsequent employer provides substantially similar coverages.  All of our obligations to an executive shall cease if at any time during the Severance Period the executive engages in a material breach of the Executive Agreement and fails to cure such breach within five business days after receipt from us of notice of such breach.  If the foregoing payments shall be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax, they will be automatically be reduced to the extent and in the manner provided in the Executive Agreements. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Upon a Change of Control and assuming the executive remains employed, (i) the term of the Executive Agreements (if shorter) shall be automatically extended until the second anniversary of the date of the Change of Control; and (ii) during the remaining term of the Executive Agreements (as extended), and provided that an executive is employed on the last day of a fiscal year ending in that period, the executive will be entitled to an annual bonus at least equal to the Annual Bonus Amount, payable no later than March 15 in the next succeeding fiscal year. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | The Fraser Agreement is effective until terminated.  Mr. Fraser’s initial base salary is $415,000.  He will be eligible for an annual bonus with a target of 50% of base salary (the “Target Bonus”), as may be awarded at the discretion of the Compensation Committee.  In connection with his hiring, Mr. Fraser was awarded an inducement grant in accordance with Nasdaq Listing Rule 5635(c)(4) in the form of an option to purchase 204,863 shares of our common stock, representing 2.5% of our outstanding shares, at an exercise price of $2.33 per share, which was the closing price on February 2, 2016 and the price next determined after approval of the grant.  These options will vest in three equal installments on the next three anniversary dates of the grant, provided that Mr. Fraser remains employed with us throughout the period.  The option has a term of 10 years.  Although issued outside the Company's 2011 Long-Term Incentive Plan (the 2011 Plan), the option is subject to terms and conditions that are generally consistent with the 2011 Plan and the form of option agreement in effect thereunder. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Upon termination by us without Cause or by Mr. Fraser for Good Reason (in each case, the definitions are substantially as set forth in the Executive Agreements), subject to the terms and limitations discussed above with respect to the other contract executives and determined on the same basis, Mr. Fraser will be entitled to the following benefits: (i) a pro-rated bonus; (ii) a severance amount payable over a Severance Period of 12 months; and (iii) all of his vested equity awards will continue to be exercisable for a period of 12 months after the date of termination.  In addition, if Mr. Fraser elects COBRA, he will be entitled to a continuation of benefits during his Severance Period on the same terms as outlined above for other contract executives. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Upon termination in connection with a Change of Control, subject to the terms and limitations discussed above with respect to the other contract executives (other than Mr. Cooper), Mr. Fraser will be entitled to the following benefits: (i) a pro-rated bonus; (ii) a severance amount equal to 1.5 times the sum of his base salary then in effect (determined without regard to any reduction constituting Good Reason) and his Target Bonus; and (iii) all Executive Equity Awards shall accelerate and become fully vested and any restrictions under restricted stock agreements will be lifted.  The foregoing payment will be payable in a lump sum within 10 days after the date of termination except in certain circumstances.  In addition, if Mr. Fraser elects COBRA, he will be entitled to a continuation of benefits for 18 months on the same terms as outlined above for other contract executives. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Upon a Change of Control and assuming that Mr. Fraser remains employed with us, subject to the terms and limitations discussed above with respect to the other contract executives, he will be entitled to the same benefits as will be available to the other contract executives. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name                        |   | Fees Earnedor Paid inCash |   | StockAwards (1) |   | Option Awards(2) |   | Total  |
|-----------------------------|--------|---------------------------|--------|-----------------|--------|------------------|--------|--------|
|                        |   |                      |   |            |   |             |   |   |   |   |   |   |
| John R. Leone               |   | $                         | 71,500 |            |   | $                | 8,000  |   |   | $ | 4,530 |   |   | $ | 84,030 |   |
| Joseph M. Mahady            |   |                      | 49,500 |            |   |             | 8,000  |   |   |   | 4,530 |   |   |   | 62,030 |   |
| Bruce A. Peacock            |   |                      | 59,000 |            |   |             | 8,000  |   |   |   | 4,530 |   |   |   | 71,530 |   |
| Marvin E. Rosenthale, Ph.D. |   |                      | 49,500 |            |   |             | 8,000  |   |   |   | 4,530 |   |   |   | 62,030 |   |

| (1) Represents the grant date fair value of the stock award, equivalent to the closing stock price on the grant date, computed in accordance with ASC Topic 718.  On August 14, 2015, the Compensation Committee approved stock awards for each director of 1,191 restricted stock units.  All restricted stock units awarded in 2015 vest in full on the first anniversary of the grant. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) Represents the grant date fair value of the stock options computed in accordance with ASC Topic 718.  The assumptions utilized are described in Note 11, “Stock Options and Stock-based Employee Compensation,” to our consolidated financial statements for the year ended December 31, 2015, which are included in the accompanying 2015 Annual Report to Stockholders.  The amounts reported in the table for stock-based compensation have not been paid to, nor realized by, the director.  On August 14, 2015, the Compensation Committee approved grants for each director of options to purchase 1,071 shares with an exercise price of $6.72.  These options vest in full on the first anniversary of the grant.  All options have a term of 10 years. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|----------|------------------------------------------------------------------------------------------------|

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| Plan Category                                          |   | Number of Securities tobe Issued UponExercise ofOutstanding Options,Warrants and Rights(a) |    |   | Weighted-AverageExercise Price ofOutstanding Options,Warrants and Rights(b)(3) |   |   | Number of Securities RemainingAvailable for Future IssuanceUnder Equity CompensationPlans (Excluding SecuritiesReflected in Column (a))(c) |   |
|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|---------|--------|--------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders |   |                                                                                       |    |   |                                                                           |   |   |                                                                                                                                       |   |
|                                                   |   |                                                                                       |    |   |                                                                           |   |   |                                                                                                                                       |   |
| 2011 Long-Term Incentive Plan                          |   |                                                                                       | 488,103 |   |                                                                           | $      | 26.10  |                                                                                                                                       |   |   | 419,982 |   |
|                                                   |   |                                                                                       |    |   |                                                                           |   |   |                                                                                                                                       |   |   |   |   |
| 2007 Long-Term Incentive Plan(1)                       |   |                                                                                       | 17,029  |   |                                                                           | $      | 353.31 |                                                                                                                                       |   |   | – |   |
|                                                   |   |                                                                                       |    |   |                                                                           |   |   |                                                                                                                                       |   |   |   |   |
| Amended and Restated 1998 Stock Incentive Plan (2)     |   |                                                                                       | 11,775  |   |                                                                           | $      | 661.19 |                                                                                                                                       |   |   | – |   |
|                                                   |   |                                                                                       |    |   |                                                                           |   |   |                                                                                                                                       |   |   |   |   |
| Total                                                  |   |                                                                                       | 516,907 |   |                                                                           | $      | 51.35  |                                                                                                                                       |   |   | 419,982 |   |

|   | (1) | The 2007 Plan terminated on the effective date of the 2011 Plan.  All shares that were available under the 2007 Plan, including any that are expired, forfeited or otherwise returnable to the 2007 Plan are transferred to and become available for grant under the 2011 Plan.  All awards granted under the 2007 Plan continue to be governed by the terms of the 2007 Plan and the award agreements. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | The 1998 Plan expired on the effective date of the 2007 Plan.  All awards granted under the 1998 Plan continue to be governed by the terms of the 1998 Plan and the award agreements. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | The Weighted-Average Exercise Price of Outstanding Options and Warrants has been adjusted where applicable to reflect the 1-for-15 reverse stock split effective December 28, 2010 and the 1-for-14 reverse stock split effective January 22, 2016. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name and Addressof Beneficial Owner (1)                     |   | CommonStock |   | Common StockEquivalents (2) |   | Total BeneficialOwnership |   | Percentage of ClassBeneficiallyOwned (1) |   |
|-------------------------------------------------------------|--------|-------------|--------|-----------------------------|--------|---------------------------|--------|------------------------------------------|--------|
| Non-Executive Directors                                     |   |        |   |                        |   |                      |   |                                     |   |   |   |   |
| John R. Leone                                               |   |        | 5,710  |                        |   |                      | 4,285  |                                     |   |   | 9,995 |   |   |   | * |   |
| Joseph M. Mahady                                            |   |        | 671    |                        |   |                      | 4,285  |                                     |   |   | 4,956 |   |   |   | * |   |
| Bruce A. Peacock                                            |   |        | 671    |                        |   |                      | 6,619  |                                     |   |   | 7,290 |   |   |   | * |   |
| Marvin E. Rosenthale, Ph.D. (3)                             |   |        | 2,337  |                        |   |                      | 7,143  |                                     |   |   | 9,480 |   |   |   | * |   |
|                                                        |   |        |   |                        |   |                      |   |                                     |   |   |   |   |   |   |   |   |
| Named Executive Officers                                    |   |        |   |                        |   |                      |   |                                     |   |   |   |   |   |   |   |   |
| John G. Cooper(4)                                           |   |        | 11,420 |                        |   |                      | 70,763 |                                     |   |   | 82,183 |   |   |   | * |   |
| Steven G. Simonson, M.D.                                    |   |        | 5,562  |                        |   |                      | 12,740 |                                     |   |   | 18,302 |   |   |   | * |   |
| John A. Tattory                                             |   |        | 5,461  |                        |   |                      | 22,479 |                                     |   |   | 27,940 |   |   |   | * |   |
|                                                        |   |        |   |                        |   |                      |   |                                     |   |   |   |   |   |   |   |   |
| Former Officer                                         |   |        |   |                        |   |                      |   |                                     |   |   |   |   |   |   |   |   |
| Thomas F. Miller, Ph.D., MBA                                |   |        | 4,131  |                        |   |                      | 32,501 |                                     |   |   | 36,632 |   |   |   | * |   |
|                                                        |   |        |   |                        |   |                      |   |                                     |   |   |   |   |   |   |   |   |
| Executive Officers and Directors as a group (8 persons) (5) |   |        | 29,081 |                        |   |                      | 78,979 |                                     |   |   | 108,060 |   |   |   | 1.30% |   |

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Table of Contents

| 5% Security HoldersName and Address                                                              |   |   |    |
|--------------------------------------------------------------------------------------------------|--------|--------|---------|
|                                                                                             |   |   |    |   |   |   |   |   |   |   |   |   |
| Alyeska Investment Group, L.P.(6)                                                                |   |   | 620,533 |   |   |   | 178,571 |   |   |   | 799,104 |   |   |   | 9.50 | % |
|                                                                                             |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadfin Capital, LLC (7)237 Park Avenue, Suite 900New York, New York 10017                      |   |   | 794,068 |   |   |   | 1,904,762 |   |   |   | 2,698,830 |   |   |   | 9.9 | % |
|                                                                                             |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DAFNA Capital Management, LLC (8)10990 Wilshire Blvd., Ste 1400Los Angeles, CA 90024             |   |   | 761,335 |   |   |   | 227,976 |   |   |   | 989,311 |   |   |   | 9.99 | % |
|                                                                                             |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deerfield Management Company, L.P. (9)780 3rd Avenue, 37th FloorNew York, NY 10017               |   |   | – |   |   |   | 1,105,952 |   |   |   | 1,105,952 |   |   |   | 9.99 | % |
|                                                                                             |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sabby Management, LLC (10)10 Mountainview Road, Ste 205Upper Saddle River, New Jersey 07458 |   |   | 524,253 |   |   |   | 238,096 |   |   |   | 762,349 |   |   |   | 9.00 | % |

----

|   | (1) | Beneficial ownership is determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (“Exchange Act”) and includes voting and investment power with respect to shares of common stock.  Shares of common stock, and shares of common stock subject to options or warrants currently exercisable or exercisable within 60 days after March 31, 2016 held by each person or group named above, are deemed outstanding for computing the percentage ownership of the person or group holding any options or warrants, but are not deemed outstanding for purposes of computing the percentage ownership of any other person or group.  As of March 31, 2016, 8,230,561 shares of common stock were issued and outstanding.  The address of each individual person is c/o Windtree Therapeutics, Inc., 2600 Kelly Road, Suite 100, Warrington, Pennsylvania 18976-3622. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Except where noted, Common Stock Equivalents include shares of common stock subject to options or warrants currently exercisable or exercisable within 60 days after March 31, 2016 held by each person or group named above. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Total beneficial ownership shown in the table includes 595 shares held by his spouse as to which Dr. Rosenthale disclaims beneficial ownership. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | Mr. Cooper resigned his position effective January 31, 2016. |
|--|-----|--------------------------------------------------------------|

|   | (5) | This information does not include securities held by Mr. Cooper and Mr. Miller, who are no longer our officers. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|  | (6) | This information is based on a Schedule 13G filed with the SEC on February 16, 2016 with respect to 620,533 shares of common stock beneficially owned by each of the following persons: (i) Alyeska Investment Group, L.P., (ii) Alyeska Investment Group, LLC, (iii) Alyeska Fund 2 GP, LLC, and (iv) Anand Parekh.  In addition, in July 2015, we issued Common Stock Equivalents consisting of warrants to purchase 178,571 shares of our common stock.. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | This information is based on a Schedule 13G filed with the SEC on February 12, 2016 with respect to 794,068 shares of common stock beneficially owned by each of the following persons: (i) Broadfin Capital, LLC, (ii) Broadfin Healthcare Master Fund, Ltd., and (iii) Kevin Kotler.  In addition, in connection with a July 2015 public offering, we issued Common Stock Equivalents consisting of warrants to purchase 1,904,762 shares of our common stock, the form of which restricts the exercise or conversion of such securities to the extent that, upon exercise or conversion, the number of shares then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a group under §13(d) of the Exchange Act would exceed 9.99% of the total number of shares then outstanding (the “Ownership Cap”).  Notwithstanding the number of shares reported above, the reporting person is unable to exercise such warrants to the extent that after such exercise the Ownership Cap would be exceeded. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|  | (8) | This information is based on a Schedule 13G filed with the SEC on February 16, 2016 with respect to 761,335 shares of common stock beneficially owned by each of the following persons: (i) DAFNA Capital Management, LLC, (ii) Nathan Fischel, and (iii) Fariba Ghodsian.  In addition, in connection with public offerings in February 2011 and July 2015, we issued Common Stock Equivalents consisting of warrants to purchase 227,976 shares of our common stock, the form of which restricts the exercise or conversion of such securities to the extent that, upon exercise or conversion, the number of shares then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a group under §13(d) of the Exchange Act would exceed 9.985% or 9.99% (depending on the warrant) of the total number of shares then outstanding (the “Ownership Cap”).  Notwithstanding the number of shares reported above, the reporting person is unable to exercise such warrants to the extent that after such exercise the Ownership Cap would be exceeded. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (9) | This information is as of December 31, 2015 and is based on a Schedule 13G filed with the SEC on February 16, 2016, by (i) Deerfield Mgmt, L.P., general partner of the entities identified in clauses (iv) through (vi) with respect to securities beneficially owned by such entities, (ii) Deerfield Management Company, L.P., an investment adviser for the entities identified in clauses (iv) through (vii) with respect to securities beneficially owned by such entities, (iii) James E. Flynn, (iv) Deerfield Special Situations Fund, L.P., (v) Deerfield Special Situations International Master Fund, L.P., (vi) Deerfield Private Design Fund II, L.P., and (vii) Deerfield Private Design International II, L.P.  The Common Stock Equivalents listed above consist of warrants to purchase 1,105,952 shares of our common stock that contain a provision restricting the exercise or conversion of such securities to the extent that, upon exercise or conversion, the number of shares then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a group under §13(d) of the Exchange Act would exceed 9.985% or 9.99% (depending on the warrant) of the total number of shares then outstanding (the “Ownership Cap”). Notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of common stock issuable upon exercise of such warrants to the extent that upon such exercise the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (10) | This information is as of December 31, 2015 and is based on a Schedule 13G filed with the SEC on January 14, 2016 with respect to shares of common stock beneficially owned by the following persons: (i) 420,744 shares beneficially owned by Sabby Healthcare Master Fund, Ltd., (ii) 103,509 shares beneficially owned by Sabby Volatility Warrant Master Fund, Ltd., (iii) 524,253 shares beneficially owned by Sabby Management, LLC, and (iv) 524,253 shares beneficially owned by Hal Mintz.  In addition, in connection with a July 2015 public offering, we issued Common Stock Equivalents consisting of warrants to purchase 238,096 shares of our common stock. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|----------|---------------------------------------------------------------------------|

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Table of Contents

| ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|----------|----------------------------------------|

| Fee Category:      |   | Fiscal 2015 |    |   | % of Total |   |   | Fiscal 2014 |   |   | % of Total |   |
|--------------------|--------|-------------|---------|--------|------------|--------|--------|-------------|--------|--------|------------|--------|
|               |   |        |    |   |       |   |   |        |   |   |       |   |
| Audit Fees         |   | $           | 375,000 |   |       |   | 77     | %           |   | $      | 386,000    |   |   |   | 71 | % |
| Audit-Related Fees |   |        | 75,000  |   |       |   | 15     | %           |   |   | 115,000    |   |   |   | 21 | % |
| Tax Fees           |   |        | 40,000  |   |       |   | 8      | %           |   |   | 40,000     |   |   |   | 7 | % |
| Total Fees         |   | $           | 490,000 |   |       |   | 100    | %           |   | $      | 541,000    |   |   |   | 100 | % |

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Table of Contents

| ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. |
|----------|---------------------------------------------|

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Table of Contents

|   |           | WINDTREE THERAPEUTICS, INC. |                                  |
|--------|----------------|-----------------------------|---------------------------------------|
|   |           |                        |                                  |   |
| Date:  | April 28, 2016 | By:                         | /s/ Craig Fraser                      |   |
|   |           |                        | Craig Fraser                          |   |
|   |           |                        | President and Chief Executive Officer |   |

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Table of Contents

| ExhibitNo. |   | Description                                                                                                                                                                                                       |   | Method of Filing                                                                                                                    |
|------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 3.1        |   | Amended and Restated Certificate of Incorporation filed on August 1, 2013                                                                                                                                              |   | Incorporated by reference to Exhibit 3.1 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on August 8, 2013.    |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 3.2        |   | Certificate of Amendment to Amended and Restated Certificate of Incorporation filed on June 10, 2014                                                                                                                   |   | Incorporated by reference to Exhibit 3.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on June 10, 2014.        |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 3.3        |   | Certificate of Amendment to Amended and Restated Certificate of Incorporation, as amended, filed on January 21, 2016                                                                                                   |   | Incorporated by reference to Exhibit 3.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on January 21, 2016.     |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 3.4        |   | Certificate of Designations, Preferences and Rights of Series A Junior Participating Cumulative Preferred Stock of Discovery, dated February 6, 2004                                                                   |   | Incorporated by reference to Exhibit 2.2 to Discovery’s Form 8-A, as filed with the SEC on February 6, 2004.                       |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 3.5        |   | Amended and Restated By-Laws of Discovery, as amended effective September 3, 2009                                                                                                                                      |   | Incorporated by reference to Exhibit 3.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on September 4, 2009.    |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 4.1        |   | Form of Warrant dated February 13, 2013, issued to affiliates of Deerfield Management Co., LLP (Deerfield) under a Facility Agreement dated as of February 13, 2012 between Discovery and Deerfield                    |   | Incorporated by reference to Exhibit 4.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on June 14, 2013.        |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 4.2        |   | Form of Warrant dated December 3, 2013, issued to affiliates of Deerfield Management Co., LLP (Deerfield) on December 3, 2013 under a Facility Agreement dated as of February 13, 2012 between Discovery and Deerfield |   | Incorporated by reference to Exhibit 4.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on December 6, 2013.     |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 4.3        |   | Form of Warrant to Purchase Common Stock dated October 10, 2014, by and between Discovery and Battelle Memorial Institute                                                                                              |   | Incorporated by reference to Exhibit 4.11 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on November 7, 2014. |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 4.4        |   | Form of Warrant to Purchase Common Stock dated October 10, 2014, by and between Discovery and Battelle Memorial Institute                                                                                              |   | Incorporated by reference to Exhibit 4.12 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on November 7, 2014. |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 4.5        |   | Form of Series A Warrant dated July 22, 2015                                                                                                                                                                           |   | Incorporated by reference to Exhibit 4.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on July 17, 2015.        |
|       |   |                                                                                                                                                                                                                   |   |                                                                                                                                     |
| 4.6        |   | Form of Pre-Funded Series B Warrant dated July 22, 2015                                                                                                                                                                |   | Incorporated by reference to Exhibit 4.2 to Discovery’s Current Report on Form 8-K, as filed with the SEC on July 17, 2015.        |

----

| ExhibitNo. |   | Description                                                                                                                                 |   | Method of Filing                                                                                                                                                                  |
|------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 4.7        |   | Form of Series B Warrant dated July 22, 2015                                                                                                     |   | Incorporated by reference to Exhibit 4.3 to Discovery’s Current Report on Form 8-K, as filed with the SEC on July 17, 2015.                                                      |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.1+      |   | Sublicense Agreement, dated as of October 28, 1996, between Johnson & Johnson, Ortho Pharmaceutical Corporation and Acute Therapeutics, Inc. |   | Incorporated by reference to Exhibit 10.6 to Discovery’s Registration Statement on Form SB-2/A, as filed with the SEC on April 18, 1997 (Commission File Number 333-19375).      |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.2 +     |   | Amended and Restated License Agreement by and between Discovery and Philip Morris USA Inc., d/b/a/ Chrysalis Technologies, dated March 28, 2008  |   | Incorporated by reference to Exhibit 10.4 to Discovery’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, as filed with the SEC on May 9, 2008.               |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.3 +     |   | License Agreement by and between Discovery and Philip Morris Products S.A., dated March 28, 2008                                                 |   | Incorporated by reference to Exhibit 10.5 to Discovery’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, as filed with the SEC on May 9, 2008.               |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.4+      |   | Amended and Restated Sublicense and Collaboration Agreement made as of December 3, 2004, between Discovery and Laboratorios del Dr. Esteve, S.A. |   | Incorporated by reference to Exhibit 10.28 to Discovery’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005.              |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.5+      |   | Amended and Restated Supply Agreement, dated as of December 3, 2004, by and between Discovery and Laboratorios del Dr. Esteve, S.A.              |   | Incorporated by reference to Exhibit 10.29 to Discovery’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005.              |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.6*      |   | Discovery’s 2007 Long Term Incentive Plan                                                                                                  |   | Incorporated by reference to Exhibit 1.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on June 28, 2007.                                                      |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.7*      |   | Form of 2007 Long-Term Incentive Plan Stock Option Agreement                                                                                     |   | Incorporated by reference to Exhibit 10.3 to Discovery’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, as filed with the SEC on August 9, 2007.             |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.8*      |   | Discovery’s 2011 Long-Term Incentive Plan                                                                                                  |   | Incorporated by reference to Appendix II to Discovery’s Definitive Proxy Statement on Form DEF 14A, as filed with the SEC on August 15, 2011 (Commission File Number 000-26422). |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.9*      |   | Form of Employee Option Agreement under Discovery’s 2011 Long-Term Incentive Plan                                                          |   | Incorporated by reference to Exhibit 10.2 to Discovery’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, as filed with the SEC on May 15, 2012.              |
|       |   |                                                                                                                                             |   |                                                                                                                                                                                   |
| 10.10*     |   | Form of Non-Employee Director Option Agreement under Discovery’s 2011 Long-Term Incentive Plan                                             |   | Incorporated by reference to Exhibit 10.3 to Discovery’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, as filed with the SEC on May 15, 2012.              |

----

| ExhibitNo. |   | Description                                                                                                                                                              |   | Method of Filing                                                                                                                                                     |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.11*     |   | Form of Restricted Stock Unit Award Agreement for Non-Employee Directors under Discovery’s 2011 Long-Term Incentive Plan                                                |   | Incorporated by reference to Exhibit 10.11 to Discovery’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 16, 2015. |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.12*     |   | Discovery’s Amended and Restated 2011 Long-Term Incentive Plan effective as of January 22, 2016                                                                         |   | Previously filed.                                                                                                                                                         |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.13*     |   | Employment Agreement by and between the Company and Craig Fraser dated as of February 1, 2016.                                                                                |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on February 3, 2016                                      |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.14*     |   | Inducement Stock Option Award Agreement dated February 1, 2016 between Craig Fraser and Discovery under Discovery’s 2011 Long-Term Incentive Plan                       |   | Incorporated by reference to Exhibit 10.3 to Discovery’s Current Report on Form 8-K, as filed with the SEC on February 3, 2016.                                     |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.15*     |   | Employment Agreement dated as of December 19, 2014, by and between Discovery and Steven G. Simonson, M.D.                                                                     |   | Incorporated by reference to Exhibit 10.4 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on May 11, 2015.                                      |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.16*     |   | Amendment dated December 29, 2014 to Employment Agreement dated as of December 19, 2014, effective as of April 1, 2015, by and between Discovery and Steven G. Simonson, M.D. |   | Incorporated by reference to Exhibit 10.5 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on May 11, 2015.                                      |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.17*     |   | Employment Agreement dated as of March 21, 2014, by and between Discovery and John A. Tattory                                                                                 |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on May 12, 2014.                                      |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.18*     |   | Amendment dated December 29, 2014 to Employment Agreement dated as of March 21, 2014, by and between Discovery and John A. Tattory                                            |   | Incorporated by reference to Exhibit 10.19 to Discovery’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 16, 2015. |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.19      |   | Form of Indemnification Agreement between the Company and its named executive officers, including Craig Fraser, and directors.                                                |   | Incorporated by reference to Exhibit 10.4 to Discovery’s Current Report on Form 8-K, as filed with the SEC on February 3, 2016                                      |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.20      |   | Lease Agreement dated May 26, 2004, and First Amendment to Lease Agreement, dated April 2, 2007, by and between TR Stone Manor Corp. and Discovery                            |   | Incorporated by reference to Exhibits 10.1 and 10.2 to Discovery’s Current Report on Form 8-K, as filed with the SEC on April 6, 2007.                         |
|       |   |                                                                                                                                                                          |   |                                                                                                                                                                      |
| 10.21      |   | Second Amendment to Lease Agreement, dated January 3, 2013 by and between TR Stone Manor Corp. and Discovery                                                                  |   | Incorporated by reference to Exhibits 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on January 8, 2013.                                     |

----

| ExhibitNo. |   | Description                                                                                                                                                                        |   | Method of Filing                                                                                                                     |
|------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.22+     |   | Master Services Agreement dated October 24, 2013 between Discovery and DSM Pharmaceuticals, Inc. (now known as Patheon Manufacturing Services LLC)                                      |   | Incorporated by reference to Exhibit 10.2 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on November 12, 2013. |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.23+     |   | Supply Agreement dated as of December 22, 2010 between by and between Corden Pharma (formerly Genzyme Pharmaceuticals LLC, now known as Corden Pharma) and Discovery                    |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on December 29, 2010.    |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.24+     |   | Collaboration Agreement made as of October 10, 2014, by and between Discovery and Battelle Memorial Institute                                                                           |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on November 7, 2014.  |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.25      |   | Amendment dated as of August 4, 2015 to Collaboration Agreement dated as of October 14, 2014 between Discovery and Battelle Memorial Institute.                                         |   | Incorporated by reference to Exhibit 10.3 to Discovery’s Quarterly Report on Form 10-Q, as filed with the SEC on August 10, 2015.   |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.30+     |   | Facility Agreement dated as of February 13, 2013, between Discovery and Deerfield                                                                                                       |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K/A, as filed with the SEC on March 15, 2013.     |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.31      |   | Amendment dated July 9, 2015 to Facility Agreement dated February 13, 2013 by and between the Company and Deerfield                                                                     |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on July 9, 2015.         |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.32      |   | Second Amendment dated July 22, 2015 to Facility Agreement dated February 13, 2013 by and between the Company and Deerfield                                                             |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on July 24, 2015.        |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.33      |   | Registration Rights Agreement dated as of February 13, 2013, between Discovery and Deerfield                                                                                            |   | Incorporated by reference to Exhibit 10.2 to Discovery’s Current Report on Form 8-K/A, as filed with the SEC on March 15, 2013.     |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.34      |   | Security Agreement dated as of February 13, 2013, between Discovery and Deerfield                                                                                                       |   | Incorporated by reference to Exhibit 10.3 to Discovery’s Current Report on Form 8-K/A, as filed with the SEC on March 15, 2013.     |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.35      |   | At-the-Market Equity Offering Sales Agreement dated February 11, 2013 between Discovery and Stifel Nicolaus & Company, Incorporated                                                 |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on February 13, 2013.    |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 10.36      |   | Amendment No. 1 dated February 11, 2016, to the At-the-Market Equity Offering Sales Agreement dated February 11, 2013 between Discovery and Stifel Nicolaus & Company, Incorporated |   | Incorporated by reference to Exhibit 10.1 to Discovery’s Current Report on Form 8-K, as filed with the SEC on February 16, 2016.    |
|       |   |                                                                                                                                                                                    |   |                                                                                                                                      |
| 21.1       |   | Subsidiaries of Discovery                                                                                                                                                               |   | Previously filed.                                                                                                                         |

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| ExhibitNo. |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Method of Filing  |
|------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 23.1       |   | Consent of Ernst & Young LLP, independent registered public accounting firm                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Previously filed.      |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 31.1       |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Filed herewith.        |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 32.1       |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Filed herewith.        |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.1      |   | The following consolidated financial statements from the Discovery Laboratories, Inc. Annual Report on Form 10-K for the year ended December 31, 2015, formatted in Extensive Business Reporting Language (“XBRL”): (i) Balance Sheets as of December 31, 2015 and December 31, 2014, (ii) Statements of Operations for the years ended December 31, 2015 and December 31, 2014, (iii) Statements of Changes in Equity for the years ended December 31, 2015 and December 31, 2014, (iv) Statements of Cash Flows for the years ended December 31, 2015 and December 31, 2014, and (v) Notes to consolidated financial statements. |   |                   |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.INS    |   | Instance Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Previously filed.      |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.SCH    |   | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Previously filed.      |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.CAL    |   | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Previously filed.      |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.DEF    |   | XBRL Taxonomy Extension Definition Linkbase Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Previously filed.      |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.LAB    |   | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Previously filed.      |
|       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| 101.PRE    |   | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Previously filed.      |

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