Farmhouse Equity Research LLC Initiates Buy Rating on DOR BioPharma.

Business Editors/Health & Medical Writers

LAKE FOREST, Ill.--(BUSINESS WIRE)--Feb. 3, 2003

DOR BioPharma Inc. (AMEX:DOR) ("DOR") announced that Farmhouse Equity Research, LLC has initiated research coverage on the Company with a buy rating.

The research report can be accessed by contacting J.P. Mark, President & Senior Managing Director at [e-mail].

About Farmhouse Equity Research, LLC

Farmhouse Equity Research, LLC strives to produce the highest quality independent equity research available. Our name is emblematic of the services we provide: hard work backed up by honesty, integrity and consistency. Our focus is on small-to-mid-cap companies, primarily those with market capitalizations of less than $1 billion. We offer research services to a number of constituencies including institutional investors, private equity firms and Venture Capital firms. Further information can be found at www.feqr.com.

DOR BioPharma, Inc.

DOR BioPharma, Inc. is a specialty pharmaceutical company specializing in the oral delivery of approved chemical entities and synthetic (non-live) mucosally administered vaccines that may conveniently and rapidly confer mucosal immunity (such as in the lungs) against potentially the entire spectrum of identified bioterror threats, while completely avoiding the risks associated with vaccines that contain live replication competent pathogens or genetic material. The Company's lead product, orBec(R) (oral beclomethasone dipropionate), is currently in a pivotal phase III clinical trial for the treatment of intestinal graft-vs.-host disease and the Company is currently testing orBec's(R) usefulness in treating a large percentage of persons diagnosed with irritable bowel syndrome (IBS), a disease that affects approximately 35 million persons in the U.S. alone. The Company's synthetic (non-live) mucosally administered vaccine MicroVax(TM) technology is protected by worldwide issued patents under license to the Company for various fields of use, including U.S. patents, 6,024,983; 5,942,252; 5,853,763; 5,820,883; 5,814,344; and 5,811,128 as well as European patents EP 0 266 119 and EP 0 333 523 and other additional corresponding international patents. For further information regarding DOR BioPharma, please visit the company's website located at www.dorbiopharma.com.

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, that reflect DOR BioPharma's current expectations about its future results, performance, prospects and opportunities, including its product development and product pipeline. Where possible, DOR BioPharma has tried to identify these forward-looking statements by using words such as "anticipates," "believes" or similar expressions. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements. DOR BioPharma cannot assure you that it will be able to successfully develop or commercialize products based on its technology, particularly in light of the significant uncertainty inherent in developing mucosally administered vaccines against bioterror threats, manufacturing and conducting preclinical and clinical trials of vaccines, and obtaining regulatory approvals, that its technologies will prove to be safe and effective, that its cash expenditures will not exceed projected levels, that it will be able to obtain future financing or funds when needed, that, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully enter into profitable biodefense contracts with the U.S. Department of Defense and other countries, patent, register or protect its technology from challenge and products from competition or maintain or expand its license agreements with its current licensors, or that its business strategy will be successful. These and other factors are described from time to time in filings with the Securities and Exchange Commission, including, but not limited to, DOR BioPharma's most recent reports on Form 10-QSB and Form 10-KSB. DOR BioPharma assumes no obligation to update or revise any forward-looking statements as a result of new information, future events, changed circumstances or for any other reason.