VCIC                                    For additional information contact:
                                        G.S. Donovan (630) 789-4900
                                        K.K. Duttlinger (630) 789-4900

       VISKASE COMPANIES, INC. ANNOUNCES THIRD QUARTER 2002 RESULTS

WILLOWBROOK, ILLINOIS, November 15, 2002 - Viskase Companies, Inc. (VCIC)
today announced results for the third quarter 2002.

Net sales were $48.7 million for the three months ended September 30, 2002, a
slight increase from the same period of 2001 of $48.5 million.  Net sales
were $138.4 million for the nine months ended September 30, 2002, a decrease
of 3.3% from the same period of 2001 of $143.0 million.  Lower nine month
sales results continue to reflect reduced worldwide selling prices for the
Company's cellulose casings, offset by the strengthening Euro against the
United States Dollar that positively benefited net sales.  Third quarter
sales were comparable to the prior year quarter due to the effects of the
strengthening Euro against the United States Dollar offset by continuing
price pressure in the industry.

Operating (loss) income for the three months ended September 30, 2002 was
$(2.9) million compared with $.6 million for the same period of 2001. The
third quarter operating (loss) is the result of $2.4 million of expense
associated with the reorganization plan included within Selling, General, and
Administrative Expenses on the Income Statement, and higher costs associated
with employee benefit plans, principally due to declines in the equity
markets.  Operating income (loss) for the nine months ended September 30,
2002 was $.7 million compared with $(4.6) million for the same period of
2001.  The nine month operating income includes a net restructuring income of
$6.1 million recognized in the second quarter of 2002.  The restructuring
income is the result of a reversal of $9.3 million of excess reserve from the
year 2000 representing a negotiated reduction in Nucel(r) technology third
party license fees, offset by a second quarter 2002 restructuring charge of
$3.2 million.  Additionally, the third quarter and the nine month operating
income amounts include the $2.4 million of expense associated with the
reorganization plan.  Operating (loss) for the first nine months of 2002,
excluding the net restructuring income of $6.1 million and the reorganization
expense of $2.4 million, was $(3.0) million.  This compares favorably to the
operating loss for the comparable prior year period of $(4.6) million.  The
improvement in the operating loss results primarily from operating
efficiencies from previous cost saving measures, reduced raw material and
energy costs.

Net (loss) income for the three months ended September 30, 2002 was $(8.7)
million or $(.57) per share, compared with the same period of 2001 of $(4.7)
million or $(.31) per share.  Net (loss) for the nine months ended September
30, 2002 was $(15.4) million, or $(1.01) per share, compared with the same
period of 2001 of $(13.6) million, or $(.89) per share.  The net income
(loss) for the nine months ended September 30, 2002 included restructuring
income of $6.1 million, or $.40 per share, and $(2.4) million of
reorganization expense, or $(.16) per share.  The net income (loss) for the
nine months ended September 30, 2001 included both an extraordinary gain on
early extinguishment of debt of $8.1 million, or $.53 per share and a gain of
the disposal of a discontinued operation related to the sale of the Films
Business of $3.2 million, or $.21 per share.

Viskase Companies, Inc. has its major interests in food packaging.  Principal
products manufactured are cellulosic and nylon casings used in the
preparation and packaging of processed meat products.

                                  ###