8-K

                      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): November 6, 2003



                              HALSEY DRUG CO., INC.



               695 North Perryville Road, Rockford, Illinois 61107


                                 (815-399-2060)





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












Item 5.           Other Events

     On November 6, 2003, Halsey Drug Co., Inc. (the "Company") issued a press
release disclosing its intention to restructure the Company's operations to
focus its efforts on research and development related to certain proprietary
finished dosage product. A copy of the Company's press release is attached as
Exhibit 99.1 hereto.

Item 7.           Financial Statements and Exhibits.

(b)      Exhibits

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

99.1              Press Release of Halsey Drug Co., Inc. dated November 6, 2003.


                                       2



                                   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:    November 6, 2003


                                       3



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


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

99.1              Press Release of Halsey Drug Co., Inc. dated November 6, 2003.


                                       4

EX-99.1

                                                                    EXHIBIT 99.1
Contact:  Halsey Pharmaceuticals
Investor Relations - Peter A. Clemens, Vice President & CFO
                     (815) 399-2060


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


          HALSEY PHARMACEUTICALS ANNOUNCES RESTRUCTURING OF OPERATIONS
          -------------------------------------------------------------

Rockford, Il., November 6, 2003: Halsey Drug Co., Inc. (OTC.BB: HDGC - News)
today announced that it intends to restructure the Company's operations to focus
its efforts on research and development related to certain proprietary finished
dosage products and active ingredients. As part of that process, the Company
intends to close or divest its assets in Congers, NY, discontinue the
manufacture and sale of finished dosage generic products and substantially
reduce activities at its active pharmaceutical ingredient facility in Culver,
Indiana.

Subject to securing necessary financing, of which no assurance can be given, the
restructured Company intends to maintain research, development and laboratory
activities at the Culver facility sufficient to continue developing certain
proprietary active pharmaceutical ingredient and finished dosage form
technologies.

The restructuring is targeted for completion over the next 60 to 90 days and
will result in a workforce reduction of approximately 70 employees in NY, 25
employees in Indiana and 5 employees in Illinois. The remaining full time staff
of approximately 16 employees will be engaged in research and development
activities and in directing the activities of various outside entities
performing clinical studies, market research and patent prosecution.

In conjunction with the restructuring, the Company is continuing to meet with
its existing debentureholders and is seeking to identify unaffiliated third
parties to obtain the long term financing necessary to fund the restructured
operations going forward. The Company estimates a funding requirement of
approximately $15 million to complete the restructuring and provide working
capital to fund operations through 2004. The Company estimates that current cash
on hand will fund the Company's operations through December 1, 2003. In the
absence of continued additional funding by the Company's debentureholders or an
alternative third party investment, of which no assurance can be given, the
Company would be required to further scale back or terminate operations, and/or
seek protection under applicable bankruptcy laws.

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 Drug Co., Inc. are available at Halsey's
web site at www.halseydrug.com.
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