AlphaRx Reports No Material Change to Business Affairs

AlphaRx Inc. (OTC BB: ALRX), an emerging biopharmaceutical company utilizing proprietary drug delivery technology to develop novel formulations, today confirmed there has been no material change or event that would adversely affect stock performance.

Commenting on recent share price activity, AlphaRx President and CEO stated, "We fully acknowledge and appreciate the recent comments of shareholders who have inquired about any correlation between share price activity and our business activities. As reported on October 11, Phase II of our Indaflex™ trial is accelerating and on target to be completed in February of 2006. At the same time, development of new products such as Vansolin™ and Binoxan™ continue as expected. In short, AlphaRx fundamentals have never been better. Though our share price as of late does not reflect our achievements, my extensive experience in this industry has taught me that markets eventually reward and reflect performance. As such, we continue to remain focused on development of novel formulations utilizing our drug delivery technology, with the single goal of bringing products to market."

This press release is available on the AlphaRx IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/AlphaRx. Alternatively, investors are asked to e-mail all questions and correspondence to ALRX@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.

About Indaflex™

Indaflex is AlphaRx's topical NSAID (Non-Steroidal Anti-inflammatory Drug) formulation under clinical development for the treatment of arthritis symptoms. Osteoarthritis is the most common chronic disease in North America and afflicts an estimated 10% of the world's population. Indaflex's active ingredient, Indomethacin, has a long-standing and proven clinical treatment record. With AlphaRx's enhanced proprietary delivery system, the company believes its clinical effectiveness will be significantly enhanced compared to other topical preparations. Topical Indaflex delivery, the company hopes, may circumvent the significant GI side-effects commonly found with orally ingested NSAIDs.

About AlphaRx Inc. (www.AlphaRx.com)

AlphaRx is an emerging biopharmaceutical company utilizing proprietary drug delivery technology to develop novel formulations of drugs that are insoluble or poorly soluble in water or have yet to be administrable to the human body with an acceptable delivery method. The Company's product candidates address various pharmaceutical markets, including arthritis, tuberculosis, ocular infection, ocular inflammation, hospital acquired pneumonia and sepsis.

FORWARD-LOOKING STATEMENTS:

This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.

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