ROCKFORD, Ill.--(BUSINESS WIRE)--Dec. 31, 2003--Halsey Pharmaceuticals (OTC.BB: HDGC - News) today announced that it has secured interim financing from certain existing debentureholders. The Company estimates that such financing will fund the Company's operations through January 2004.
At the same time, the Company is continuing its efforts to obtain long-term financing. The Company estimates a funding requirement of approximately $12.5 million to complete the previously announced restructuring and to fund operations through 2004. In the absence of additional funding by the Company's debentureholders or an alternative third party investment, of which no assurance can be given, the Company would be required to further scale back or terminate operations, and/or seek protection under applicable bankruptcy laws.
Halsey Pharmaceuticals, together with its subsidiaries, is an emerging pharmaceutical company specializing in proprietary active pharmaceutical ingredient and finished dosage form development.
The statements in this press release are forward looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward looking statements involve risk and uncertainties which may affect Halsey's business prospects, including economic, competitive, governmental, technological and other factors discussed in filings with the Securities and Exchange Commission.
This and past press releases for Halsey Pharmaceuticals are available at the Company's web site at www.halseydrug.com.
Halsey Pharmaceuticals Investor Relations: Peter A. Clemens, 815-399-2060
Source: Halsey Pharmaceuticals