View:
Download DOC
Download PDF 


                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C. 20549





                                    FORM 8-K



             CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



       Date of Report (Date of earliest event reported): August 14, 2003



                             HALSEY DRUG CO., INC.



              695 North Perryville Road, Rockford, Illinois 61107


                                 (815-399-2060)





 Incorporated under the         Commission File Number       I.R.S. Employer
laws of State of New York            1-10113              Identification  Number
                                                               11-0853640







Item 12.  Results of Operations and Financial Condition


     On August 14, 2003, Halsey Drug Co., Inc. (the "Company") issued a press
release disclosing the financial results for its second quarter ended June 30,
2003 and the six months ended June 30, 2003. A copy of the Company's press
release is attached as Exhibit 99.1 hereto.



Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(b)      Exhibits

Exhibit
Number                Description
- ------                -----------

99.1                  Press Release dated August 14, 2003 Announcing Results for
                      Second Quarter ended June 30, 2003





                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                    HALSEY DRUG CO., INC.


                                    By: /s/ Peter A. Clemens
                                        ---------------------------
                                        Peter A. Clemens
                                        Vice President & Chief Financial Officer

Date:  August 15, 2003


                                       3



                                 EXHIBIT INDEX
                                 -------------


Exhibit
Number                     Description
- ------                     -----------

99.1                       Press Release dated August 14, 2003 Announcing
                           Results for Second Quarter ended June 30, 2003.


                                       4




                                                                    Exhibit 99.1

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



                             FOR IMMEDIATE RELEASE
                             ---------------------


                     HALSEY PHARMACEUTICALS REPORTS RESULTS
                     --------------------------------------
                               FOR SECOND QUARTER
                               ------------------

Rockford, IL, August 14, 2003: Halsey Pharmaceuticals (OTC.BB-HDGC) today
reported a net loss for the second quarter, ended June 30, 2003, of
$(11,027,000) or $(.52) per share compared to net loss of $(7,340,000) or
$(0.49) per share for the quarter ended June 30, 2002. For the six months ended
June 30, 2003, the Company had a net loss of $(21,602,000) or $(1.03) per share
compared to a net loss of $(12,819,000) or $(0.85) per share for the same period
in 2002.

Net product revenues for the second quarter were $1,206,000 as compared to
$2,258,000 for the quarter ended June 30, 2002. For the first six months of
fiscal 2003, net product revenues were $2,732,000 as compared to $4,139,000 for
the same period in 2002.

Commenting. Peter Clemens, CFO said, "The quarter and six month results are
reflective of declining sales to our primary customer, Watson Labs, who, while
continuing to be a valued customer, is pursuing a sales strategy that places
less emphasis on the products we provide. Accordingly, In March the Company
initiated steps to reestablish our internal sales efforts so that we become less
dependent upon a single customer. This strategy, while giving the Company
greater control over the sales effort, takes time to implement due to the
regulatory requirements of not only the FDA but the various state Medicaid
agencies as well. The fruits of this strategy will not materialize until the
third and fourth quarters of this year."

"The Company has continued to proceed with development of its opiate synthesis
technologies and in the second quarter filed patent applications for two
processes pertaining to the these technologies."

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.
                      ------------------