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Executive Summary

BRADLEY $3 MIL. PUBLIC OFFERING SET TO BUILD NICHE PRODUCT BUSINESS: a proposed initial stock offering of 900,000 units was filed with the Securities & Exchange Commission July 31. Bradley Pharmaceuticals says it intends to expand its current product line by acquisition of products for which a "a demonstrated market exists, but where the surrounding competitive environment does not necessarily include major pharmaceutical companies." Underwritten by D. H. Blair, the 900,000 unit offering comprises 3.6 mil. shares of Class A common stock and 3.6 mil. redeemable Class A warrants. Approximately $1.615 mil. of the proceeds has been earmarked for acquisition and product development, with the remainder going to expanded marketing forces and geographic penetration and advertising, making debt repayments, and for working capital. Bradley has been in business for five years. The Fairlawn, N.J. company has tried to identify niche items and minor brands. The company's latest acquisition was the September 1988 purchase of Schering-Plough's prescription Tyzine nasal decongestant, Nitroglyn nitroglycerin, OTC Ircon iron supplement and Ipsatol cough medicine lines for $500,000. Last year, with limited marketing and sales, the ex-Schering products generated $470,000 of net sales. Tyzine solution, nasal spray and pediatric nasal drops accounted for 28.4% of net sales (around $200,000) and Nitroglyn generated 20.1% of sales (about$142,000). Ipsatol sales were roughly $109,000; I.L.X. B12 Elixir sales were nearly $70,000. Bradley began operations in January 1985 with the acquisition of trademark rights to a line of dermatological products (Sulfoam antidandruff shampoo and Sulpho-Lac acne soap and medication) from Alvin Last Company. In August of that year, Bradley purchased from Kenwood Labs the trademark rights to vitamin and nutritional products Apatate B complex, Glutofac vitamin supplement and Kenwood therapeutic liquid). All Bradley products, except the dermatological lines, are sold under the Kenwood Labs label. Bradley currently markets its products primarily to wholesalers and has approximately 300 accounts. In May, Bradley hired Michael Burke as president and chief operating officer. The former president of the Sandoz Ex-Lax Pharmaceutical Company, Burke has also been an independent healthcare consultant and was an executive with the VICOM/FCB advertising marketing and communications company. Burke, 53, joins Chairman, CEO and founder Daniel Glassman, 48, at the helm of Bradley Pharmaceuticals. Glassman's career prior to the establishment of the company in 1985 was in advertising (Daniel Glassman Advertising) and marketing research (Banyan's Danis Research and Hospital Research Associates). He is a registered pharmacist. In addition to a five-man board of scientific advisors, the company also retains as paid consultants securities analyst Hemant Shah and Jerry Karabensh. Shah is advising Bradley on possible acquistion targets.

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