Exhibit 99.1

For Further Information:

Human Pheromone Sciences, Inc.
84 West Santa Clara Street, Suite 720
San Jose, CA  95113
(408) 938-3030
Contact:  William P. Horgan
          Chairman, CEO


For Immediate Release


          Human Pheromone Sciences Announces Redemption and Conversion
                               of Preferred Shares

         San Jose, California, June 3, 2003. Human Pheromone Sciences, Inc. (OTC
Bulletin  Board:  EROX) ("HPS" or "the Company")  today announced that 1,333,333
shares  of its  Series  AA  Convertible  Redeemable  Preferred  Stock  have been
converted by its holder,  MK GVD Fund,  into 597,777 shares of HPS Common Stock.
In a related  transaction,  the Company has  redeemed  all 17,448  shares of its
Series BB Convertible  Redeemable  Preferred  Stock for $500,000 in cash. At the
conclusion  of this  transaction,  the Company  has  remaining  preferred  stock
outstanding of 100,000 shares of the Series AA Convertible  Redeemable Preferred
Stock, currently convertible into 44,834 shares of Common Stock.

         The Company indicated that these transactions were an essential element
of a plan to simplify its capital  structure by  materially  reducing  preferred
shareholdings.  "We are pleased that we and the  management  of MK GVD Fund were
able to agree on the terms of these transactions,  and we are grateful to MK GVD
Fund for its cooperation in achieving the simplification" a spokesperson for the
Company noted.

         Human Pheromone  Sciences,  Inc. is a technology-based  company,  whose
proof-of concept products included prestige-priced fragrances and toiletries and
environmental  products  sold under the  REALM(R),  innerREALM(R),  EROX(R)  and
Natural  Attraction(R)  trademarks.  These products  contain  synthesized  human
pheromones  covered  under U.S.  and foreign  patents.  Scientific  and consumer
studies have shown that the Company's




human  pheromones  positively  impact on the moods,  attitudes  and  emotions of
wearers. Further information is available on line at www.naturalattraction.com.

         The  statements  in  this  news  release  may  contain  forward-looking
statements  that involve  risks and  uncertainties  that could cause  results to
differ from predicted results.  Further information on factors that could affect
the Company's results is detailed in the Company's annual report to shareholders
on Form  10-KSB for the year ended  December  31,  2002 and  Form10-QSB  for the
quarter  ended  March  31,  2003,  as filed  with the  Securities  and  Exchange
Commission.  The Company undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements.