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[LOGO] BRADLEY PHARMACEUTICALS, INC.
383 Route 46 West o Fairfield, NJ 07004-2402 USA
o 973-882-1505 o FAX 973-575-5366 o www.bradpharm.com
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Contact: Anthony Griffo
Investor Relations
For Immediate Release Bradley Pharmaceuticals, Inc.
973-882-1505, ext. 313
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Bradley Pharmaceuticals, Inc. (NYSE:
BDY) was founded in 1985 as a specialty
pharmaceutical company and markets to
niche physician specialties in the U.S.
and 38 international markets. Bradley's
success is based on the strategy of
Acquire, Enhance and Grow. Bradley
Acquires non-strategic brands, Enhances
these brands with line extensions and
improved formulations and Grows the
products through promotion, advertising
and selling activities to optimize life
cycle management. Bradley
Pharmaceuticals is comprised of Doak
Dermatologics, specializing in topical
therapies for dermatology and podiatry;
Kenwood Therapeutics, providing
gastroenterology, respiratory and other
internal medicine brands; and A. Aarons,
which will market authorized generic
versions of Doak and Kenwood therapies.
Important announcement:
Daniel Glassman will present at the Banc
of America Securities LLC, Health Care
Conference 2006, to be held at The Four
Seasons Hotel in Las Vegas, NV, May 16,
2006 at 4 p.m.
Daniel Glassman will present a case
study on Optimizing Lifecycle Management
for a Product with Limited Patent
Protection at the MedAd News' Specialty
Pharmaceuticals Summit, June 8, 2006 at
8:45 a.m. at the Park Hyatt,
Philadelphia, PA.
Please visit Bradley Pharmaceuticals web
site at: www.bradpharm.com
Bradley Pharmaceuticals common stock is
listed on the NYSE under the symbol BDY.
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BRADLEY PHARMACEUTICALS UPDATES
TIMING OF FILING OF 2005 FORM 10-K
Fairfield, NJ - May 1, 2006 - BRADLEY PHARMACEUTICALS, INC. (NYSE: BDY)
announced today that as a consequence of the Company's failure to file its
Annual Report on Form 10-K for the year ended December 31, 2005 by April 30,
2006, the Company has breached a provision under its $110 million Amended and
Restated Credit Agreement, as amended, with a syndicate of lenders led by
Wachovia Bank. The Company intends to request that its lenders provide it with a
waiver of the existing default, a 20-day extension to file its 2005 Form 10-K
and an extension of time to file its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2006.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements that address activities, events or developments that Bradley
expects, believes or anticipates will or may occur in the future, such as sales
and earnings estimates, other predictions of financial performance, timing of
payments on indebtedness, timing of our filings with the SEC, launches by
Bradley of new products and market acceptance of Bradley's products.
Forward-looking statements are based on Bradley's experience and perception of
current conditions, trends, expected future developments and other factors it
believes are appropriate under the circumstances and are subject to numerous
risks and uncertainties, many of which are beyond Bradley's control. These risks
and uncertainties include Bradley's ability to estimate sales, ability to comply
with the restrictive covenants under its credit facility; ability to refinance
its credit facility, if necessary; ability to access the capital markets on
attractive terms or at all; ability to favorably resolve the pending SEC
informal inquiry and file required financial statements with the SEC in
accordance with the Company's announced timetable, maintain sales of its
products, successfully acquire, develop, integrate, or sell new products,
including POLYPHENON(R) E Ointment when and if approved by the FDA, or
effectively react to other risks and uncertainties described from time to time
in Bradley's SEC filings, such as fluctuation of quarterly financial results,
estimation of product returns, chargebacks, rebates and allowances,
concentration of customers, reliance on third party manufacturers and suppliers,
litigation or other proceedings (including the pending class action and
shareholder derivative lawsuits), government regulation and stock price
volatility. Further, Bradley cannot accurately predict the impact on its
business of the approval, introduction, or expansion by competitors of generic
or therapeutically equivalent or comparable versions of Bradley's products or of
any other competing products. In addition, actual results may differ materially
from those projected. Bradley undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future events
or otherwise.