Astralis Ltd Reports First Quarter 2003 Results.

Business Editors

FAIRFIELD, N.J.--(BUSINESS WIRE)--May 13, 2003

Astralis Ltd (OTCBB: ASTR) announced today its results for the period ending March 31, 2003.

For the period from January 1st, 2003 through March 31, 2003, the Company recorded a net loss of $1.5 million, or $0.04 per share. The Company, which is in the development stage, had no revenue during this period. Total stockholders' equity was $ 9.2 million as of March 31, 2003 and the Company had cash and marketable security balances totalling $3.1 million as of March 31, 2003.

Research and development expenses amounted to $1.2 million for the period ending March 31, 2003. This includes spending on preclinical studies for Psoraxine(TM), the Company's first drug candidate for the treatment of Psoriasis.

                       Astralis Ltd.
                (A Development Stage Entity)
    Selected Statement of Operation Information (Unaudited)
               January 1, 2003 to March 31 2003

Revenues                                                          $--
Total Operating Expenses                                    1,511,823
Loss from Operations                                     ($ 1,511,823)
Other Income
     Investment Income                                        $37,109
Net Loss to Common Stockholder                            $(1,474,714)
     Basic and diluted loss per common share                   $(0.04)