Bentley Pharmaceuticals Reports 25% Sales Growth in First Quarter.

TAMPA, Fla.--(BUSINESS WIRE)--May 14, 1999--

Bentley Pharmaceuticals, Inc. (AMEX: BNT), an international manufacturer, marketer, distributor and developer of pharmaceutical products, today reported that revenues increased 25 percent, to $4,358,000 for the first quarter of 1999 from $3,500,000 in last year's first quarter. The gain in revenues is attributable primarily to the Company's Spanish subsidiary Laboratorios Belmac S.A., which reported an increase in revenues of 22 percent in local currency. Fluctuations in foreign exchange rates benefited revenues in U. S. dollars. The Company incurred a net loss for the quarter of $547,000, or six cents per basic common share, compared with a net loss of $383,000, or five cents per basic common share for the same quarter of 1998.

Although gross margins decreased slightly for the quarter, the Company said it is currently enjoying a change in product mix and anticipates that margins will improve in the second quarter and in subsequent quarters of 1999. In addition to the anticipated improvements in gross margins, the company expects additional improvements in second quarter operating results. The Company also noted that its February 1999 acquisition of permeation enhancement technology, for cash, common stock, and warrants increased its drug licenses and related costs by $2.4 million at March 31, 1999.

James R. Murphy, president and CEO of Bentley, said, "We are pleased with the continued growth in revenues from our existing products, and the near-term opportunities we see to enhance revenues through approvals of our products by regulatory agencies in additional countries and by acquisition of promising drugs. Longer term, our U. S. and international patents covering penetration enhancement technology position Bentley to develop proprietary drug delivery products for the U. S. market as well as to build on our position in Europe."

Bentley Pharmaceuticals, Inc. is an emerging international pharmaceutical company focused on improving drugs through new drug delivery technologies which it intends to commercialize in the U.S. and other major markets in collaboration with other pharmaceutical companies and on the manufacturing, marketing and distribution of products in Spain for the treatment of cardiovascular, gastrointestinal, neurological and infectious diseases.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, the ability to find effective market distribution channels, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.

Copies of the Company's press releases and other information may be obtained through Bentley's web site at www.bentleypharm.com. -0-

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except for share data)

                                           For the Three Months Ended
                                              3/31/99        3/31/98

Sales                                       $   4,358     $   3,500

Cost of sales                                   2,015         1,150
                                            ---------     ---------

Gross margin                                    2,343         1,990

Total operating expenses                        2,582         2,017
                                            ---------     ---------

Loss from operations                             (239)          (27)

Other (income) expenses, net                      208           122
                                            ---------     ---------

Loss before income taxes                         (447)         (149)

Provision for income taxes                        100           234
                                            ---------     ---------

Net loss                                        $(547)        $(383)
                                            =========     =========

Basic net loss per common share             $   (0.06)    $   (0.05)
                                            ==========    =========

Weighted average
common shares outstanding                       8,443         8,427
                                            =========     =========

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BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)

                                             March 31    December 31
                                               1999          1998
                                            ---------     ---------

Assets
Cash and cash equivalents                   $   5,419     $   6,703

Other current assets                            5,192         5,758
                                            ---------     ---------
  Total current assets                         10,611        12,461

Non-current assets                             10,007         7,857
                                            ---------     ---------
  Total                                     $  20,618     $  20,318
                                            =========     =========

Liabilities and Stockholders' Equity
Current Liabilities                         $   5,632     $   5,626

Non-current liabilities                         6,721         5,700
                                            ---------     ---------
  Total liabilities                            12,353        11,326

Common Stockholders' Equity                     8,265         8,992
                                            ---------     ---------
  Total                                     $  20,618     $  20,318
                                            =========     =========