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                                                                    EXHIBIT 99.1


Contact:                    Halsey Drug Co., Inc.
Investor Relations -        Peter A. Clemens, Vice President and CFO
                            (815) 399-2060

                              FOR IMMEDIATE RELEASE

                              HALSEY DRUG CO., INC.
                             TO BE DELISTED BY AMEX
                    TRADING TO COMMENCE ON OTC BULLETIN BOARD

Rockford, IL, August 30, 2000, Halsey Drug Co., Inc. (AMEX:HDG) announced today
that after exhausting its appeal rights, it has been advised by the Adjudicatory
Counsel of the American Stock Exchange ("Amex") that the Amex has determined to
delist the Common Stock of the Company as it does not meet the Amex's criteria
for continued listing. Such criteria include minimum levels of shareholders
equity and the absence of years of net losses from continuing operations which,
in the opinion of the Amex, is necessary for continued listing. As a result, the
last day for trading on the Amex will be Thursday, September 7, 2000.

The Company anticipates that trading in the Company's Common Stock will commence
Friday, September 8, 2000 on the Over the Counter Bulletin Board. Investors may
continue to contact licensed brokers to purchase shares of the Company.

EXCEPT FOR THE HISTORICAL MATTERS CONTAINED HEREIN, 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 RISKS AND UNCERTAINTIES WHICH MAY AFFECT
HALSEY'S BUSINESS AND PROSPECTS, INCLUDING ECONOMIC, COMPETITIVE, GOVERNMENTAL,
TECHNOLOGICAL AND OTHER FACTORS DISCUSSED IN FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION. ADDITIONALLY, ALTHOUGH THE COMPANY HAS BEEN INFORMED THAT
ONE OR MORE BROKERS WILL MAKE A MARKET IN THE COMPANY'S COMMON STOCK ON THE OTC
BULLETIN BOARD, SUCH BROKERS ARE NOT OBLIGATED TO DO SO AND MAY DISCONTINUE
MAKING A MARKET AT ANY TIME.

Halsey Drug Co., Inc., together with its subsidiaries, is a leading manufacturer
of generic drugs in solid and liquid dosage forms sold to distributors,
wholesalers, drugstore chains, institutions, government agencies and other
pharmaceutical manufacturers nationwide, as well as a manufacturer of active
pharmaceutical ingredients.