EXHIBIT 99.2



[SHEFFIELD LOGO]

                                  NEWS RELEASE


For further information contact:

Thomas M. Fitzgerald, President and CEO
Sheffield Pharmaceuticals, Inc.
(585) 292-0310


FOR IMMEDIATE RELEASE



                  SHEFFIELD COMPLETES UNSECURED DEBT FINANCING


ST. LOUIS, MO - SEPTEMBER 6, 2002 - Sheffield Pharmaceuticals, Inc. (AMEX:SHM)
today announced that it has completed a $.5 million unsecured debt financing
with certain shareholders of the Company. The promissory notes provide for
interest at the rate of 7% per annum and mature on January 1, 2003. Upon
maturity, the Company will repay principal and accrued interest on each note,
and at the Company's discretion, either a premium of approximately 14% of the
principal amount, or a warrant to purchase the number of shares of Sheffield
common stock equal to the principal amount each note. Any warrants to be issued
under the notes would have an exercise price equal to the closing price of the
Company's common stock on the closing date of the notes.

"The Company anticipates that the funds from this transaction, together with the
available cash balances, will allow it sufficient additional time to continue to
evaluate various financing alternatives currently being reviewed by the Company.
These including private offerings of the Company's securities, other debt
financings, and collaborations and licensing arrangements with other companies,"
commented Thomas M. Fitzgerald, Sheffield's President and CEO.

Sheffield Pharmaceuticals, Inc. provides innovative, cost-effective
pharmaceutical therapies by combining state-of-the-art pulmonary drug delivery
technologies with existing and emerging therapeutic agents. Sheffield is
developing a range of products to treat respiratory and systemic diseases using
pressurized metered dose, solution-based and dry powder inhaler and formulation
technologies, including its proprietary Premaire(R) Delivery System and
Tempo(TM) Inhaler. Sheffield focuses on improving clinical outcomes with
patient-friendly alternatives to inconvenient or sub-optimal methods of drug
administration. Investors can learn more about Sheffield Pharmaceuticals on its
Web site at www.sheffieldpharm.com.


This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainty. Although the Company
believes that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be inaccurate, and
therefore, the Company's actual results could differ materially from the results
anticipated in the forward-looking statements included in this press release.
For a discussion of factors that could cause or contribute to such material
differences, investors are directed to the risks and uncertainties contained in
the Company's Form 10-Q for the quarter ended June 30, 2002, and other documents
filed by the Company with the Securities and Exchange Commission. The risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements include the





difficulties of a development stage pharmaceutical company raising substantial
additional capital (through financings or otherwise) in the current environment
to fund its operations and the progress of development, government and
regulatory approvals and licensing/commercialization of the Company's
technologies. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the objectives and plans of the Company will be achieved.





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