Trimetazidine

Business Editors

NORTH HAMPTON, N.H.--(BUSINESS WIRE)--April 30, 2002

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Bentley Pharmaceuticals, Inc. (AMEX: BNT), a specialty pharmaceutical company focused on advanced drug-delivery technologies, which also manufactures and markets generic and branded products in Europe, today announced financial results for the first quarter ended March 31, 2002.

Total revenue for the first quarter of 2002 increased 62% to $9,423,000 from $5,814,000 in the prior-year first quarter. Revenue growth during the quarter primarily reflects the company's success in gaining additional market share of the rapidly growing generic drug market in Spain. Excluding a one-time gain in each quarter, operating income in the 2002 first quarter improved to $683,000 from an operating loss of $365,000 in the first quarter of 2001. The company recorded a non-recurring gain of $72,000 for the sale of its Lactoliofil drug license in the first quarter of 2002, and had recorded a non-recurring gain of $4,977,000 for the sale of its Controlvas drug license in the first quarter of 2001. Including one-time gains, net income in the 2002 first quarter totaled $135,000, or $0.01 per diluted share, compared to $2,642,000, or $0.17 per diluted share, in the comparable period of the prior year.

The company also recently announced the completion of its 2.5 million share common stock offering, which raised net proceeds of approximately $22,300,000, after deducting estimated offering costs, to be used for general corporate purposes, including research and development, product development and capital expenditures, as well as for possible acquisitions.

James Murphy, president and CEO, stated, "2002 is off to a strong start. We are exceptionally pleased with this quarter's top line growth, which primarily reflects Bentley's increasing share of Spain's rapidly emerging generic drug market. During the quarter, one of our two Spanish subsidiaries was granted approval from the Ministry of Health to market a generic equivalent of trimetazidine. Bentley is the only company to obtain generic approval for this product in Spain, and is on track to launch the product before the end of the second quarter, which should help fuel short-term growth. In addition, we remain focused on further enhancing our market penetration in this region to position us for sustainable, long-term growth.

"We continued to make strides in advancing our drug-delivery technologies, and are progressing on plans to expand our clinical programs toward achieving commercialization. We are extremely excited that the FDA has decided to review the first NDA to include Bentley's proprietary CPE-215 technology, which was filed for Auxilium's novel male hormone replacement therapy, Testim(TM). Following FDA approval, commercialization of this product is initially targeted for the U.S., Europe and Japan. Bentley will receive royalties on all sales to this expansive market, which is expected to be a $2 billion market over the next five years.

"Clinical trials for evaluating our topical nail lacquer for treating nail-fungal infections remain on track at the University of Alabama-Birmingham. In fact, yesterday we reported successful results on the fingernail study, which revealed that 78% of the patients who completed the study showed improvement over their baseline conditions, with the majority of subjects experiencing less discomfort, more pliable nails and the onset of clear nail growth. We are also progressing nicely with our pre-clinical study at Dartmouth College for evaluating topical androgen therapy for women suffering from fibromyalgia syndrome and continue to gather valuable information for more advanced studies.

"The strategic investments we are making in the company continue to position us well for future growth. Looking ahead, we expect additional revenue growth and profits from both our generic products and our proprietary drug-delivery technologies. With a strong first quarter behind us, we look forward to the rest of the year, and expect to generate total revenues of approximately $35-37 million in 2002," concluded Mr. Murphy.

The company will host a conference call on Wednesday, May 1 at 8:30 a.m. EDT to discuss results. Those who wish to participate in the conference call may call (888) 335-6674 fifteen minutes before the 8:30 a.m. starting time. A replay will be available by telephone for 30 days following the completion of the live call at (877) 519-4471 toll free in the U. S. or (973) 341-3080 for international callers, PIN # 3250655.

Bentley Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on advanced drug delivery technologies and pharmaceutical products. Bentley's proprietary drug technologies enhance or facilitate the absorption of pharmaceutical compounds across various membranes. Bentley also manufactures and markets a growing portfolio of generic and branded pharmaceuticals in Spain for the treatment of cardiovascular, gastrointestinal, infectious and neurological diseases through its subsidiaries Laboratorios Belmac and Laboratorios Davur.

Copies of the company's press releases and other information may be obtained through Bentley's web site at www.bentleypharm.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with identifying suitable drugs for drug delivery technologies, expanding generic and branded drug operations, development and commercialization of our products, relationships with our strategic partners, uncertainty of clinical trials, regulatory approval process, product sales concentration, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in Bentley's filings with the Securities and Exchange Commission.

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