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Hi-Tech Pharmacal Announces Addition of William Peters as Vice President, Corporate Development

AMITYVILLE, N.Y.--(BUSINESS WIRE)--Sept. 9, 2003--Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK), a specialty pharmaceuticals company, announced today that William Peters has joined the company as Vice President, Corporate Development. Mr. Peters will assist the company in evaluating and making acquisitions, arranging licensing agreements, and analyzing strategic growth opportunities.

Mr. Peters joins Hi-Tech Pharmacal from Merck & Co., Inc, where he served most recently as Director, Financial Evaluations, for the Medco Health Solutions subsidiary. During his seven-year career with Merck & Co., he also served as Manager of Corporate Financial Analysis and Manager of Treasury Planning and Analysis.

Mr. Peters began his career in General Electric's Financial Management Program at the company's Aerospace division, where he later held positions in financial analysis and internal auditing.

He earned his Master of Business Administration from the Wharton School, University of Pennsylvania, and a Bachelor of Science in Business Administration from Bucknell University.

David Seltzer, President and Chief Executive Officer of Hi-Tech Pharmacal commented, "William is a seasoned business executive with tremendous experience in corporate finance, including particular knowledge of the issues, opportunities and challenges facing the pharmaceutical industry. He is a welcome addition to our team, and will be an asset to our company as we continue to grow our business."

About Hi-Tech Pharmacal

Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing branded and generic products for the general healthcare industry. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products. The Company's Health Care Products Division is a leading developer and marketer of branded prescription and OTC products for the diabetes marketplace.

Statements concerning future results in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. These statements involve a number of risks and uncertainties, including but not limited to the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from those expressed or implied in the forward-looking statements and these statements are not guarantees of the future performance.

CONTACT:
Hi-Tech Pharmacal
Tanya Akimova
631-789-8228, ext. 4208
takimova@hitechpharm.com

Keatingpr
Linda Jasper
973-966-1100
ljasper@keatingpr.com

© Hi-Tech Pharmacal Co. Inc (a NASDAQ company)