PHARMACEUTICAL FORMULATIONS FILES FOR CHAPTER 11

Pharmaceutical Formulations announced that it has filed a voluntary petition for relief under Chapter 11 of Title 11, United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). In connection with the Chapter 11 filing, the company announced that it has reached agreement (the "Agreement") for the sale of substantially all of its assets to Leiner Health Products ("Leiner"). The company's wholly-owned subsidiary, Konsyl Pharmaceuticals is not part of the sale or the Chapter 11 filing.

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