Biopharmaceutics, Inc. Announces 4th Quarter & Year End Results.

BELLPORT, N.Y.--(BUSINESS WIRE)--Feb. 19, 1999--Biopharmaceutics, Inc. (OTCBB: BOPM), ("Company"), announced today that due to the successful restructuring of the Company which was initiated in August 1998, it incurred a loss of $5,232,000 for the fiscal year ended September 30, 1998 (which included substantial one time charges), compared to a profit of $45,000 for the year ended 1997. Sales for 1998 totaled $1,999,999 against $3,529,000 in the comparable period for 1997.

Jonathan Rosen, Acting President & CEO, stated that "the losses the Company has recorded for 1998 were fully expected, given our goal to implement a major reorganization of the Company's lines of business. As a result of asset disposals, the Company recorded $3,473,000 in losses arising from discontinued operations, such as the sale of the Company's CMT subsidiary in Puerto Rico and the closure of our generic drug manufacturing facility. In addition, the value of certain assets and doubtful receivables were written-off for the year-end, and certain expenses totaling $1,423,000 were also accrued. Since these write-offs were booked in last year's results, we have refocused the Company and have begun our new fiscal year with a clean slate. Our balance sheet also reflects the positive aspects of this restructuring, such as the elimination of approximately $6.3 million of loan obligations. In addition and as previously announced, $800,000 in new equity capital has been recently invested in our Quality Health Products division by the Company's Board of Directors. This fresh working capital has enabled us to ship entirely our backlog orders and will aid considerably in supporting our marketing effort behind our Branded women's health products.

Since the restructuring is essentially complete, we are taking steps to strengthen management and distribution of our QHP products. I expect fiscal 1999 to be a much better year than the fiscal year we just reported."

Biopharmaceutics, Inc., through its wholly-owned subsidiary Quality Health Products, Inc., markets a line of feminine health Branded products, namely; Feminique , Koromex and Vaginex . These Brands are currently sold in major drug stores and soon should be available in supermarkets and via the Internet at (www.feminique.com).

This Press Release contains forward-looking statements within the meaning of Section21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. Actual results could differ materially from those projected in the forward-looking statements.

                        BIOPHARMACEUTICS, INC.
                      (000'S omitted, except EPS)


                              Three Months Ended       Year Ended
                                   Sept.30              Sept. 30


                                  1998      1997        1998      1997
                               ------------------------------------

SALES

SALES                             $312    $1,062      $1,999    $3,529

Net Income (Loss)
Continuing Operations          $(1,387)     $(58)    $(1,758)     $141

Discontinued Operations
Net Income (Loss)              $(4,259)    $(183)    $(3,473)     $(96)

Net Income (Loss)              $(5,646)    $(241)    $(5,231)      $45

Primary Income per Share:
Continuing Operations           $(0.09)    $0.00      $(0.11)    $0.01

Discontinued Operations         $(0.25)   $(0.01)     $(0.20)   $(0.01)

Net Income (Loss) per Share     $(0.34)   $(0.01)     $(0.31)    $0.00

Average Shares
Outstanding                 17,370,118 16,816,732 17,370,118 16,806,222