Able Laboratories Appoints Robert Weinstein Vice President and Chief Financial Officer

Business Wire, Dec 9, 2002

Business Editors & Health/Medical Writers

SOUTH PLAINFIELD, N.J.--(BUSINESS WIRE)--Dec. 9, 2002

Able Laboratories, Inc. (Nasdaq:ABRX) today announced the appointment of Robert Weinstein to the position of Vice President and Chief Financial Officer. Mr. Weinstein has more than 20 years of financial experience in fund management, investment banking, mergers and acquisitions, commercial banking and corporate restructurings along with public company audit and reporting compliance.

Recently, Mr. Weinstein was providing financial consulting services to private and public companies. Prior to that, he held the position of managing director at Berliner Communications, Inc. where he evaluated merger and acquisition targets. Prior to BCI, Mr. Weinstein was a founding member of a private equity fund and a Managing Director and Co-head of the technology corporate finance group at Gruntal & Company, LLC. At Gruntal, he originated, structured and executed on several private placements and public offerings and also managed part of the private equity portfolio.

Upon the completion of his MBA from The University of Chicago Graduate School of Business, Mr. Weinstein joined GE Capital's acquisition finance group and participated in financing of telecommunication-related transactions. He was later promoted to the restructuring group where he executed on several debtor-in-possession and similar high exposure financings. Mr. Weinstein began his career in public accounting, auditing mid-size firms and later joined the tax practice at Coopers and Lybrand, now part of PriceWaterhouseCoopers.

"With his experience in accounting, commercial banking, private equity financings and investment banking, we believe Bob is the ideal person to fill the Chief Financial Officer position," commented Jay Wadekar, President and Chief Executive Officer of Able Laboratories. "We look forward to benefiting from his strong financial acumen. As we continue to grow, we will rely heavily upon his abilities in enhancing and managing financial systems including appropriate internal controls, advancing treasury and finance disciplines along with his experience as a member of the investment community."

Mr. Weinstein holds an MBA from the University of Chicago Graduate School of Business and a BS in Accounting, with Honors, from the State University of New York at Albany. Mr. Weinstein has been a Certified Public Accountant since 1984.

Able Laboratories is a developer and manufacturer of generic pharmaceuticals. Further information on Able may be found on the Company's web site, www.ablelabs.com.

Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Able Laboratories, Inc., are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. For example, statements about the Company's operations, the current or expected market size for its products, the success of current or future product offerings, the research and development efforts and the Company's ability to file for and obtain U.S. Food and Drug Administration approvals for future products, are forward-looking statements. Forward-looking statements are merely the Company's current predictions of future events. The statements are inherently uncertain, and actual results could differ materially from the statements made herein. There is no assurance that the Company will continue to achieve the sales levels needed to operate profitably or that ANDA filings and approvals will be completed and obtained as anticipated. For a description of additional risks, and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2001 and its Form 10-Q for the nine months ended September 30, 2002. The Company assumes no obligation to update its forward-looking statements to reflect new information and developments.