FAIRFIELD, N.J., Nov. 8 /PRNewswire-FirstCall/ -- Bradley
Pharmaceuticals, Inc. (NYSE:BDY) announced today that it has filed
with the Securities and Exchange Commission its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2007. Third Quarter
of 2007 -- Launched ADOXA(R) 150mg capsules. -- Paid outstanding
principal balance of $62.4 million under old credit facility on
August 3, 2007 with existing cash and cash equivalents,
concurrently with entering into a new credit facility and wrote-off
deferred financing costs of $3.3 million related to old facility.
-- On October 29, 2007, the Company entered into a definitive
merger agreement with Nycomed US Inc. Bradley reported that net
sales for the quarter ended September 30, 2007 were approximately
$33.6 million, a decrease of $1.6 million, or 5%, from net sales of
$35.2 million for the quarter ended September 30, 2006. The Company
had a net loss of $(1.2) million for the 2007 quarter, or $(0.07)
per share on a fully diluted basis, based upon approximately 17.0
million shares outstanding, compared to net income of $3.8 million,
or $0.23 per share on a fully diluted basis, based upon
approximately 16.5 million shares outstanding for the same period
last year. In April 2007, the Company implemented a returns and
inventory optimization plan designed to reduce future returns by
decreasing customer inventory in the channel and to ship products
with increased shelf-life to wholesalers by improving product
production planning. The Company believes the increase in gross
prescription sales in the Third Quarter of 2007 compared to the
Second Quarter of 2007 indicates a greater portion of the current
demand is being satisfied through current quarter sales rather than
inventory in the channel and that the implementation of the plan
contributed to lower gross prescription sales in the Second Quarter
of 2007 compared to those in previous quarters. As outlined in the
table below, gross prescription demand has outpaced sales in the
most recent quarters, indicating a portion of the demand,
particularly in the Second Quarter of 2007, was satisfied by
inventory in the channel rather than through new sales. Pursuant to
the returns and inventory optimization plan, the Company estimates
it had reduced inventory of all products in the distribution
channel from $36.4 million at December 31, 2006, to $33.2 million
at March 31, 2007 and to $27.4 million at June 30, 2007. Although
weeks of inventory on hand for the primary wholesale customers
continued to decrease at September 30, 2007, the dollar value of
inventory of all products in the distribution channel increased
from the Second Quarter of 2007 to $29.3 million primarily due to
sales of DECONAMINE(R) in the Third Quarter of 2007, which the
Company previously had on backorder due to an inability to secure
active ingredient. DECONAMINE(R) inventory in the channel was $2.3
million at September 30, 2007 compared to $.1 million at June 30,
2007. The following table is a comparison of the gross prescription
demand, gross prescription sales, the returns provision and net
sales for the last seven quarters ($ in millions): Q1 '06 Q2 '06 Q3
'06 Q4 '06 Gross prescription demand (1) $46.9 $46.7 $47.9 $50.4
Gross prescription sales (2) $45.0 $44.0 $45.0 $48.0 Returns
provision (3) $8.6 $8.0 $6.0 $8.7 Net sales (3) $34.8 $37.2 $35.2
$37.7 Q1 '07 Q2 '07 Q3 '07 Gross prescription demand (1) $54.8
$53.2 $50.7 Gross prescription sales (2) $44.8 $36.5 $44.4 Returns
provision (3) $6.9 $2.6 $7.2 Net sales (3) $37.8 $32.2 $33.6 (1) As
reported by Wolters Kluwer, a third party provider of prescription
data. Wolters Kluwer's projected gross prescription demand is
calculated based upon estimated retail sales value. (2) The
Company's actual results. Gross prescription sales are based upon
actual gross prescription sales at current gross selling prices and
do not include charges for discounts, returns, chargebacks and
rebates and do not include sales of the Company's over-the-counter
products. (3) The Company's actual results. Net sales include sales
of both prescription and over-the-counter products and include
charges for discounts, returns, chargebacks and rebates. With a
balance sheet return reserve of $22.5 million, 77% of the inventory
in the distribution channel is reserved for as of September 30,
2007. Doak Dermatologics, led by its core branded products of
ADOXA(R), KERALAC(R)/ KEROL(TM), SOLARAZE(R), ZODERM(R),
LIDAMANTLE(R), and ROSULA(R), accounted for 77% of our net sales
for the quarter ended September 30, 2007, while Kenwood
Therapeutics, and its core branded products of PAMINE(R), ANAMANTLE
HC(R), PERANEX(TM) HC, ELESTRIN(TM) and FLORA-Q(R), accounted for
19% of our net sales for the quarter ended September 30, 2007 and
A. Aarons, our generic subsidiary, accounted for 4% of our net
sales. Our net sales for the quarter ended September 30, 2007 were
adversely affected by generic competition, leading to declines in
the acne/rosacea products, particularly in the ADOXA(R) product
line, the gastrointestinal products, particularly in the ANAMANTLE
HC(R) and PAMINE(R) product lines, and lower profit sharing
revenues as reported to us by Par Pharmaceutical Companies, Inc.
Partially offsetting the revenue declines were higher sales of the
actinic keratosis product SOLARAZE(R), revenue from A. Aarons,
higher sales of the respiratory product DECONAMINE(R) and sales of
recently introduced products, including PERANEX(TM) HC CREAM
(gastrointestinal product family), ROSULA(R) CLARIFYING WASH(TM)
(acne/rosacea product family) and KEROL(TM) TOPICAL SUSPENSION
(keratolytic product family). A. Aarons, which began shipping
product in the Third Quarter of 2006, has shipped approximately
$8.5 million of products through September 30, 2007. In the quarter
ended September 30, 2007, the Company recorded revenues of $1.4
million from these sales based on prescription data and cash
collections, while not recording $4.4 million, at gross sales
value, for the estimated product remaining in the channel at
September 30, 2007. Net sales of ELESTRIN(TM), which was launched
late in the Second Quarter 2007 and are included in "other" under
Kenwood Therapeutics in the table below, were $.1 million.
ELESTRIN(TM) sales have been slower than originally anticipated due
to the use of trade packaging as samples, filling part of the
initial prescription demand, and the Company's process of building
relationships with physicians in the women's health market.
According to its prescription data reported by Wolters Kluwer, the
Company has experienced an increase in weekly prescriptions for
ELESTRIN(TM) in October 2007 and, although there can be no
assurance, expects that sales of the product will increase in
subsequent quarters. At September 30, 2007, 100% of the ADOXA(R)
150mg tablets estimated in the wholesale and retail channel is
reserved due to the generic competition that began late in the
Second Quarter of 2007. Due to our efforts to reduce inventory in
the channel, the estimated value of ADOXA(R) 150mg tablets in the
channel of $2.1 million at September 30, 2007 represents a
reduction of $1.8 million from the end of the prior quarter. In the
Third Quarter of 2007, the Company launched a new line extension of
ADOXA (R) 150mg capsules to help offset sales declines from generic
competition for the ADOXA (R) 150mg tablets. The following table
sets forth certain net sales data for the quarters ended September
30, 2007 and September 30, 2006 by therapeutic category within Doak
Dermatologics, Kenwood Therapeutics and A. Aarons: Three Months
Ended Therapeutic Category September 30, September 30, Increase/ %
by Company 2007 2006 (Decrease) Change Doak Dermatologics
Dermatology & Podiatry Keratolytic $6,093,000 $4,705,000
$1,388,000 30 % Acne/Rosacea 10,070,000 14,067,000 (3,997,000)
(28)% Actinic Keratoses 7,734,000 5,912,000 1,822,000 31 %
Anesthetics 1,123,000 936,000 187,000 20 % Scalp 120,000 169,000
(49,000) (29)% Cosmeceuticals 1,093,000 1,052,000 41,000 4 %
Authorized Generic (307,000) 431,000 (738,000) (171)% Other 41,000
(35,000) 76,000 217 % Total Doak Dermatologics $25,967,000
$27,237,000 $(1,270,000) (5)% Kenwood Therapeutics Gastrointestinal
$4,027,000 $7,217,000 $(3,190,000) (44)% Respiratory 1,536,000
453,000 1,083,000 239 % Nutritional and other 636,000 298,000
338,000 113 % Total Kenwood Therapeutics $6,199,000 $7,968,000
$(1,769,000) (22)% Aarons $1,387,000 $- $1,387,000 NA Total
$33,553,000 $ 35,205,000 $(1,652,000) (5)% Our Kenwood Therapeutics
sales force began promoting ELESTRIN(TM) to physicians in June 2007
and we expect to launch VEREGEN(TM) at the end of 2007. VEREGEN(TM)
will be promoted to physicians by both our Doak Dermatologics and
Kenwood Therapeutics sales forces. In connection with the launch of
these products, the Company has increased Kenwood's sales force to
63 representatives at October 31, 2007 and will incur a
corresponding amount of additional sales, marketing and related
expenses in subsequent periods. During the quarter ended September
30, 2007, cost of sales were $6.3 million, an increase of $.6
million from the comparable year-ago period. A recording of an
inventory reserve provision contributed to a decrease in the gross
profit percentage for the three months ended September 30, 2007 to
approximately 81% from 84% in the corresponding period of 2006. The
inventory reserve provision of $1.1 million was due to the
establishment of a reserve for ELESTRIN(TM) because current
forecasts do not support current inventory levels, increased
reserves for generic competition on certain products, particularly
ADOXA(R), and increased reserves for A. Aarons products. In
addition to the increased inventory reserve provision, lower profit
sharing revenues from Par and lower margins on A. Aarons generic
product sales contributed to the lower margin percentage in the
Third Quarter of 2007. Selling, general and administrative expenses
for the three months ended September 30, 2007 were $21.4 million,
representing an increase of $2.7 million, or 15%, compared to $18.7
million for the same period in the prior year. The increase in
selling, general and administrative expenses reflects higher
spending on salary and salary related expenses, primarily in the
sales area, and higher advertising and promotion expenses,
primarily related to ELESTRIN(TM). In both periods the Company
incurred a high level of professional fees. In the Third Quarter of
2007 the Company incurred $2.0 million in professional fees
primarily related to the Company's ongoing legal matters, including
costs associated with independent financial advisors and legal
counsel retained by the Special Committee of the Board of Directors
to assist it in its work. In the Third Quarter of 2006, the Company
incurred legal and advisor fees and expenses of $2.0 million
relating to the proxy contest, which included an accrual for a $1.2
million settlement fee to Costa Brava. Research and development
expenses for the three months ended September 30, 2007 were $1.7
million, representing an increase of $1.4 million compared to $.3
million for the same period in the prior year. The increased
research and development costs were primarily due to work on
developing ELESTRIN(TM) samples and potential line extensions of
existing products. The write-off of deferred financing costs for
the three months ended September 30, 2007 of $3.3 million was due
to the payment of the outstanding balance under the Company's old
Credit Facility. The Company had approximately $13.1 million in
cash, cash equivalents and short term investments on September 30,
2007. Nine months ended September 30, 2007 For the nine months
ended September 30, 2007, net sales were $103.5 million, a decrease
of $3.6 million from $107.1 million for the nine months ended
September 30, 2006. The Company had a net loss of $(.4) million for
the nine months ended September 30, 2007, or $(0.02) per share on a
fully diluted basis, based upon approximately 16.8 million shares
outstanding, compared to net income of $8.6 million, or $0.52 per
share on a fully diluted basis, based upon approximately 16.5
million shares outstanding for the same period last year. Doak
Dermatologics, Kenwood Therapeutics and A. Aarons accounted for
76%, 21% and 3%, respectively, of our net sales for the nine months
ended September 30, 2007. The decrease in net sales was primarily
due to declines from generic competition in the acne/rosacea
products, led by the ADOXA(R) product family, gastrointestinal
product lines, led by the PAMINE(R) product family and lower profit
sharing revenues as reported to us by Par. These decreases were
partially offset by higher sales of SOLARAZE(R) and DECONAMINE(R),
sales of recently introduced products and revenue from A. Aarons.
The following table sets forth certain net sales data for the nine
months ended September 30, 2007 and September 30, 2006 by
therapeutic category within Doak Dermatologics, Kenwood
Therapeutics and A. Aarons: Nine Months Ended Therapeutic Category
September 30, September 30, Increase/ % by Company 2007 2006
(Decrease) Change Doak Dermatologics Dermatology & Podiatry
Keratolytic $16,391,000 $16,682,000 $(291,000) (2)% Acne/Rosacea
33,418,000 42,138,000 (8,720,000) (21)% Actinic Keratoses
20,170,000 15,955,000 4,215,000 26 % Anesthetics 4,118,000
3,506,000 612,000 17 % Scalp 562,000 957,000 (395,000) (41)%
Cosmeceuticals 3,680,000 3,222,000 458,000 14 % Authorized Generic
467,000 1,852,000 (1,385,000) (75)% Other 92,000 109,000 (17,000)
(15)% Total Doak Dermatologics $78,898,000 $84,421,000 $(5,523,000)
(7)% Kenwood Therapeutics Gastrointestinal $15,535,000 $19,769,000
$(4,234,000) (21)% Respiratory 3,986,000 1,778,000 2,208,000 124 %
Nutritional and other 2,453,000 1,140,000 1,313,000 115 % Total
Kenwood Therapeutics $21,974,000 $22,687,000 $(713,000) (3)% A.
Aarons $2,643,000 $- $2,643,000 NA Total $103,515,000 $107,108,000
$(3,593,000) (3)% Cost of sales for the nine months ended September
30, 2007 were $19.6 million, an increase of $3.1 million, or 19%
from $16.5 million last year. The gross profit percentage for the
current period was 81% compared to 85% for the comparable 2006
period. A recording of an inventory reserve provision contributed
to the increased costs and lower gross margin percentage. The
inventory reserve provision of $3.5 million was primarily due to
generic competition on certain products, implementation of the
Company's returns and inventory optimization initiatives, including
shipping products with increased shelf-life to its customers, the
establishment of a reserve for ELESTRIN(TM) and increased reserves
for A. Aarons products. Selling, general and administrative
expenses for the nine months ended September 30, 2007 were $65.7
million, representing an increase of $8.1 million, or 14%, compared
to $57.6 million for the nine months ended September 30, 2006. The
increase in selling, general and administrative expenses reflects
higher spending on salary and salary related expenses, primarily in
the sales area, and higher professional fees related to the
Company's ongoing legal matters, a review of matters set forth in a
resignation letter from a former employee of the Company and
independent financial advisors and legal counsel retained by the
Special Committee to assist it in its work. In addition, the
Company increased spending on advertising and promotion, primarily
related to the launch of ELESTRIN(TM) late in the Second Quarter of
2007. Research and development expenses for the nine months ended
September 30, 2007 were $3.3 million, representing a decrease of
$2.8 million, or 46%, compared to $6.1 million for the nine months
ended September 30, 2006. The decrease in research and development
expenses relates to a $5.0 million payment made to MediGene in 2006
under the MediGene Agreement for VEREGEN(TM) in consideration for
development and registration activities undertaken prior to the
date of the Agreement. The Company expensed the $5.0 million as a
research and development payment during the First Quarter of 2006
since there was no FDA approval at the time of the payment. The
lower research and development costs were partially offset by
increased work done on potential line extensions of existing
products and the cost of developing ELESTRIN(TM) samples in the
current year. Additional Information About the Proposed Merger
Transaction and Where You Can Find It In connection with the
proposed merger with Nycomed US Inc and its wholly owned
subsidiary, Phase Merger Sub Inc., the Company intends to file a
proxy statement and other relevant materials with the Securities
and Exchange Commission ("SEC"). BEFORE MAKING ANY VOTING DECISION
WITH RESPECT TO THE PROPOSED MERGER TRANSACTION, STOCKHOLDERS OF
BRADLEY PHARMACEUTICALS ARE URGED TO READ THE PROXY STATEMENT, WHEN
IT BECOMES AVAILABLE, AND THE OTHER RELEVANT MATERIALS FILED BY THE
COMPANY WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement and
other relevant materials, when available, and any other documents
filed by the Company with the SEC, may be obtained free of charge
at the SEC's website at http://www.sec.gov/. In addition, Company
stockholders may obtain free copies of the documents filed with the
SEC on the Company's website (http://www.bradpharm.com/) or by
contacting the Company at Bradley Pharmaceuticals, Inc., Investor
Relations at 383 Route 46 West, Fairfield, NJ 07004, Telephone:
(973) 882-1505, ext 252. You may also read and copy any reports,
statements and other information filed by the Company with the SEC
at the SEC public reference room at 100 F Street, N.E. Room 1580,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or
visit the SEC's website for further information on its public
reference room. The Company and its directors, executive officers
and other members of its management may be deemed to be soliciting
proxies from the Company's stockholders in favor of the merger.
Investors and stockholders may obtain more detailed information
regarding the direct and indirect interests in the merger of
persons who may, under the rules of the SEC, be considered
participants in the solicitation of the Company's stockholders in
connection with the merger by reading the preliminary and
definitive proxy statements regarding the merger, which will be
filed with the SEC. Information about the Company's directors and
executive officers may be found in the Company's definitive proxy
statement filed with the SEC on May 17, 2007. These documents will
be available free of charge once available at the SEC's web site at
http://www.sec.gov/ or by directing a request to the Company as
provided above. Other Information: For more detailed information,
please see Bradley's SEC filings, including its recently filed
Quarterly Report on Form 10-Q for the quarter ended September 30,
2007, by visiting http://www.bradpharm.com/ and clicking on the
Investor Relations link, then on SEC Filings. The Company will not
be hosting an investor conference call to discuss the Third Quarter
of 2007 results. Please visit the Bradley Pharmaceuticals web site
at: http://www.bradpharm.com/. About Bradley Pharmaceuticals, Inc.
Bradley Pharmaceuticals, Inc. was founded in 1985 as a specialty
pharmaceutical company and markets to niche physician specialties
in the U.S. and international markets. Bradley's success is based
upon its core strengths in marketing and sales, which enable the
company to Commercialize brands that fill unmet patient and
physician needs; Develop new products through life cycle
management; and In-License phase II and phase III drugs with
long-term intellectual property protection that upon approval
leverage Bradley's marketing and sales expertise to increase
shareholder value. Bradley Pharmaceuticals is comprised of Doak
Dermatologics, specializing in therapies for dermatology and
podiatry; Kenwood Therapeutics, providing gastroenterology, OB/GYN,
respiratory and other internal medicine brands; and A. Aarons,
which markets authorized generic versions of Doak and Kenwood
therapies. Safe Harbor for Forward-Looking Statements: This 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 the proposed merger with Nycomed
US Inc., Bradley's plans to in- license, develop and launch new and
enhanced products with long-term intellectual property protection
or other significant barriers to market entry, sales and earnings
estimates, other predictions of financial performance, launches by
Bradley of new products, market acceptance of Bradley's products,
and the achievement of initiatives to enhance corporate governance
and long-term shareholder value. 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: launch VEREGEN(TM) at the end of 2007; predict the safety and
efficacy of ELESTRIN(TM) and VEREGEN(TM) in a commercial setting;
estimate sales; maintain adequate inventory levels; complete the
returns and inventory optimization plan timely; reduce product
returns; comply with the covenants under its new credit facility;
access the capital markets on attractive terms or at all; favorably
resolve the pending SEC informal inquiry; maintain or increase
sales of its products; 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. 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. BRADLEY PHARMACEUTICALS, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited)
Three Months Ended Nine Months Ended September 30, September 30,
2007 2006 2007 2006 Net sales $33,553,145 $35,204,765 $103,514,742
$107,107,882 Cost of sales (1) 6,272,691 5,725,395 19,630,009
16,491,794 27,280,454 29,479,370 83,884,733 90,616,088 Selling,
general and administrative 21,427,540 18,680,456 65,713,828
57,612,042 Research and development 1,686,927 339,630 3,316,873
6,109,971 Depreciation and amortization 2,900,122 2,498,676
8,757,565 7,578,150 Interest income (275,534) (701,133) (1,505,892)
(1,761,586) Interest expense 731,781 2,133,392 5,284,180 6,331,499
Write-off of deferred financing costs 3,256,280 - 3,256,280 -
29,727,116 22,951,021 84,822,834 75,870,076 Income (loss) before
income tax expense (benefit) (2,446,662) 6,528,349 (938,101)
14,746,012 Income tax expense (benefit) (1,207,211) 2,742,000
(550,327) 6,193,000 Net income (loss) $(1,239,451) $3,786,349
$(387,774) $8,553,012 Basic net income (loss)per common share
$(0.07) $0.23 $(0.02) $0.52 Diluted net income (loss)per common
share $(0.07) $0.23 $(0.02) $0.52 Shares used in computing basic
net income per common share 16,950,000 16,430,000 16,810,000
16,400,000 Shares used in computing diluted net income per common
share 16,950,000 16,540,000 16,810,000 16,520,000 (1) Amounts
exclude amortization of intangible assets related to acquired
products. BRADLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS September 30, December 31, 2007 2006
(unaudited) (a) Assets Current assets: Cash and cash equivalents
$10,117,124 $39,608,987 Short-term investments 3,008,881 7,083,678
Accounts receivable, net of allowances 11,439,344 14,489,623
Inventories, net 9,947,456 6,881,218 Deferred tax assets 14,158,203
13,332,666 Prepaid expenses and other 2,184,373 2,100,487 Prepaid
income taxes 3,076,307 4,934,119 Total current assets 53,931,688
88,430,778 Property and equipment, net 1,108,840 813,794 Intangible
assets, net 157,707,056 165,985,767 Goodwill 27,478,307 27,478,307
Deferred financing costs, net 1,125,167 4,798,034 Restricted cash
and investments - 25,000,000 Other assets 16,229 16,229 Total
assets $241,367,287 $312,522,909 (a) Derived from audited financial
statements. BRADLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS September 30, December 31, 2007 2006
(unaudited) (a) Liabilities Current liabilities: Current maturities
of long-term debt $- $15,660,085 Milestone payable - ELESTRIN(TM)
3,252,145 10,115,083 Accounts payable 7,319,796 4,948,754 Accrued
expenses 36,771,110 38,728,413 Total current liabilities 47,343,051
69,452,335 Long-term liabilities: Long-term debt, less current
maturities - 53,400,000 Deferred tax liabilities 1,728,612
2,054,145 Total long-term liabilities 1,728,612 55,454,145
Stockholders' Equity Preferred stock, $0.01 par value; shares
authorized: 2,000,000; issued - none - - Common stock, $0.01 par
value; authorized: 26,400,000 shares; issued 17,398,557 shares at
September 30, 2007 and 16,965,578 shares at December 31, 2006
173,986 169,656 Class B common stock, $0.01 par value; shares
authorized: 900,000; issued 429,752 shares at September 30, 2007
and at December 31, 2006 4,298 4,298 Additional paid-in capital
148,318,735 139,754,887 Retained earnings 47,089,742 50,977,625
Accumulated other comprehensive gain 43 1,143 Treasury stock -
common stock - at cost; 877,058 shares at September 30, 2007 and
December 31, 2006 (3,291,180) (3,291,180) Total stockholders'
equity 192,295,624 187,616,429 Total liabilities and stockholders'
equity $241,367,287 $312,522,909 (a) Derived from audited financial
statements. DATASOURCE: Bradley Pharmaceuticals, Inc. CONTACT:
Cecelia C. Heer, Investor-Public Relations, Bradley
Pharmaceuticals, Inc., +1-973-882-1505, ext. 252 or Web site:
http://www.bradpharm.com/
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