Able Laboratories Announces Completion of $4.0 Million Credit Facility for Equipment Financing.

Business Editors

SOUTH PLAINFIELD, N.J.--(BUSINESS WIRE)--Oct. 29, 2002

Able Laboratories, Inc. (OTCBB:ABLA) (BSE:AAB), today announced it has closed on a $4,000,000 equipment financing line from The Citizens Bank of Massachusetts, an indirect subsidiary of The Royal Bank of Scotland. Able is using the proceeds from the credit facility to acquire new equipment, perform leasehold improvements and also to pay off certain loans and leases for equipment already owned by the company. The credit facility is collateralized by all of our laboratory, manufacturing and office equipment.

"We are pleased to have entered into this agreement with Citizens Bank," commented Jay Wadekar, President and Chief Executive Officer of Able Laboratories. "As we grow, it is important for us to have a relationship with a commercial bank for our working capital and treasury needs. Citizens has provided us with a very competitive facility."

Able Laboratories is a developer and manufacturer of generic pharmaceuticals. Further information on Able may be found on the Company's web site, www.ablelabs.com.

Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Able Laboratories, Inc., are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. For example, statements about the Company's anticipated growth, operations, capital-raising transactions and financial accounting, the current or expected market size for its products, the success of current or future product offerings, the research and development efforts and the Company's ability to file for and obtain U.S. Food and Drug Administration approvals for future products, are forward-looking statements. Forward-looking statements are merely the Company's current predictions of future events. The statements are inherently uncertain, and actual results could differ materially from the statements made herein. There is no assurance that the Company will achieve the sales levels that will make its operations profitable or that it will complete filings and obtain approvals for additional generic drugs as anticipated. For a description of additional risks, and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2001 and its Form 10-Q for the six months ended June 30, 2002. The Company assumes no obligation to update its forward-looking statements to reflect new information and developments.