EXHIBIT 99.1

Contact:  Halsey Drug Co., Inc.
Investor Relations - Peter A. Clemens, Vice President & CFO
                 (847) 705-7099



                              FOR IMMEDIATE RELEASE
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        HALSEY DRUG CO., INC. ANNOUNCES SALE OF CONGERS, NEW YORK ASSETS
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CULVER, Ind.--(BUSINESS WIRE)--March 24, 2004--Halsey Drug Co.,
Inc.(NASDAQ-OTCBB:HDGC) (OTC.BB: HDGC) today announced that it has sold certain
non-revenue generating abbreviated new drug applications (ANDAs) and entered
into an agreement to sell substantially all of its assets located at its former
finished dosage manufacturing facilities in Congers, New York. The divestment of
these assets is consistent with the Company's restructuring plan announced on
November 6, 2003. In addition to the non-revenue generating ANDAs, the Company
has entered into an agreement to divest certain intellectual property, product
rights and manufacturing equipment. The total consideration to be paid to the
Company for all asset divestments will total approximately $4.5 million.
Shareholder approval is necessary to complete the sale of certain intellectual
property and product rights and manufacturing equipment. Such approval shall be
sought at the next annual meeting of shareholders.

Halsey Drug Co., Inc.(NASDAQ-OTCBB:HDGC), together with its subsidiaries, is an
emerging pharmaceutical technology development company specializing in
proprietary active pharmaceutical ingredient manufacturing processes 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 Drug Co., Inc.(NASDAQ-OTCBB:HDGC) are
available at the Company's web site at www.halseydrug.com.