Exhibit 99.1


Contact:  Halsey Pharmaceuticals
Investor Relations - Peter A. Clemens, Vice President & CFO
                     (815) 399-2060



                              FOR IMMEDIATE RELEASE


                             HALSEY PHARMACEUTICALS
 ANNOUNCES APPOINTMENT OF JERRY KARABELAS AS CHAIRMAN OF THE BOARD OF DIRECTORS


ROCKFORD, IL, MAY 22, 2003: Halsey Pharmaceuticals (OTC.BB-HDGC) today announced
that Jerry Karabelas, a Director of the Company since December 2002, has been
appointed Chairman of the Board. In this capacity, Mr. Karabelas will oversee
the overall strategy and direction of the Company.

Mr. Karabelas was Head of Healthcare and CEO of Worldwide Pharmaceuticals for
Novartis AG from 1998 until July 2000. Prior to joining Novartis, Mr. Karabelas
was Executive Vice President of SmithKline Beecham. From July 2000 until
December 2001, Mr. Karabelas was the Founder and Chairman of the Novartis Bio
Venture Fund. Since November 2001 he has been a Partner with Care Capital LLC.,
a current investor in Halsey. Mr. Karabelas holds a Ph.D. in pharmacokinetics
from the Massachusetts College of Pharmacy and serves as a Director of
SkyePharma Plc., Human Genome Sciences, Nitromed, Anadys, Vanda Pharmaceuticals
and Renovo.

Mr. Karabelas replaces Michael K. Reicher who is retiring and will assist in the
transition. The Company will begin a search immediately to find a new Chief
Executive Officer.

Regarding Mr. Reicher, Mr. Karabelas said, "Mike was instrumental in bringing
Halsey from near bankruptcy five years ago to where it is today, poised to
provide unique products to the pain management market. The strategy begun under
his leadership to become a vertically integrated manufacturer of pain management
products utilizing proprietary processes will continue."

Halsey Pharmaceuticals, together with its subsidiaries, is an emerging
pharmaceutical company specializing in innovative drug 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.