Exhibit 12.1

Discovery Laboratories, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Fiscal year Ended December 31,										Six Months Ended June 30,
	2000		2001		2002		2003		2004		2005
	(in thousands)
Net Loss	$	(10,861)	$	(11,146)	$	(17,443)	$	(24,280)	$	(46,203)	$	(19,142)
Add: Fixed Charges		38		61		199		353		952		527
Adjusted Earnings		(10,823)		(11,085)		(17,244)		(23,927)		(45,251)		(18,615)
Estimated interest component of rent		33		35		55		56		70		93
Interest expense		5		26		144		297		882		434
Total fixed charges		38		61		199		353		952		527
Ratio (1)		__		__		__		__		__		__

⁽¹⁾ Adjusted earnings, as shown above, were insufficient to cover fixed charges in each period. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we do not have any preferred stock outstanding.