Women First HealthCare CEO Discusses Strategic Vision at Annual Meeting; Shareholders Re-Elect Directors and Approve All Proposals

Business Wire, August 6, 2003

Business Editors/Health/Medical Writers

SAN DIEGO--(BUSINESS WIRE)--Aug. 6, 2003

Women First HealthCare, Inc. (Nasdaq:WFHC) chairman and CEO Edward F. Calesa today addressed Women First shareholders at its 2003 annual meeting in San Diego. Calesa reviewed the company's plans for building shareholder value and returning the company to profitability.

Calesa announced that the management team had been strengthened significantly with the appointment of Michael Sember as president and chief operating officer of Women First. Sember will report directly to Calesa and be responsible for all operations of Women First. Calesa reviewed the improvement between prescription demand for the company's pharmaceutical products and the distribution channel and noted that the channel, as measured by IMS Health, has been reduced by almost 40% during the first half of 2003. He mentioned the success of Esclim(TM), which has performed better than any other product in the hormone therapy market since the Women's Health Initiative announcement. Esclim prescriptions are up 57% year to date and were up 109% in 2002. He also noted the potential of Vaniqa(R) and the significant reduction in the rate of decline of total prescriptions. Calesa updated the shareholders on continuing efforts to reduce debt and improve the company's capital structure. In closing, Calesa noted that, "The company's goal is to be cash flow positive on an operating basis for the balance of 2003 and to return to profitability as quickly as possible." According to Calesa, "Several factors will influence the timing of the company's return to profitability."

In the formal business segment of the meeting, Women First HealthCare shareholders elected two directors, Richard L. Rubin and Patricia Nasshorn, each to serve a three-year term to expire at the 2006 annual meeting. Rubin has served on the Company's board since its' founding in November 1996. Nasshorn has served on the Company's board since May 2002. Women First shareholders also approved an increase in the number of shares available for issuance under the Company's 1998 Long-Term Incentive Plan, approved the issuance of common stock exceeding 20% of the outstanding shares under certain circumstances, ratified the sale of 1,478,872 shares of common stock to Calesa and Rubin and ratified the selection of Ernst & Young LLP as the company's independent auditors for the fiscal year ending December 31, 2003.

About Women First HealthCare, Inc.

Women First HealthCare, Inc. (Nasdaq: WFHC) is a San Diego-based specialty pharmaceutical company. Founded in 1996, its mission is to help midlife women make informed choices regarding their health care and to provide pharmaceutical products--the Company's primary emphasis--and lifestyle products to meet their needs. Women First HealthCare is specifically targeted to women age 40 and their clinicians. Further information about Women First HealthCare can be found online at www.womenfirst.com, About Us and Investor Relations.

About Esclim(TM)

Esclim(TM) is indicated for the relief of moderate to severe vasomotor symptoms associated with menopause. The most commonly reported side effects of Esclim are those typical of estrogen therapy: breast tenderness, headache, nausea, and abdominal pain. Estrogens have been reported to increase the risk of endometrial carcinoma in postmenopausal women. Estrogens are contraindicated in patients with known or suspected pregnancy, undiagnosed abnormal genital bleeding, known or suspected breast cancer, known or suspected estrogen-dependent neoplasia, or active thrombophlebitis or thromboembolic disorders. For more information about this product and to see the package insert, please visit www.womenfirst.com, Rx Products area.

About Vaniqa(R) (eflornithine hydrochloride) Cream, 13.9%

Vaniqa(R) is indicated for the reduction of unwanted facial hair in women. Vaniqa has been shown to retard the rate of hair growth in non-clinical and clinical studies. Vaniqa has only been studied on the face and adjacent involved areas under the chin of affected individuals. Usage should be limited to these areas of involvement. In controlled trials, Vaniqa provided clinically meaningful and statistically significant improvement in the reduction of facial hair growth around the lips and under the chin for nearly 60% of women using Vaniqa. Vaniqa is not a hair remover but complements other current methods of hair removal such as electrolysis, shaving, depilatories, waxing, and tweezing. The patient should continue to use hair removal techniques as needed in conjunction with Vaniqa. Improvement in the condition may be noticed within four to eight weeks of starting therapy. Continued treatment may result in further improvement and is necessary to maintain beneficial effects. The condition may return to pre-treatment levels within eight weeks following discontinuation of treatment. The most frequent adverse events related to treatment with Vaniqa were skin-related adverse events.

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "believe," "will," "expect," "anticipate," "estimate," "intend," "plan," and "would." Such forward-looking statements are subject to various risks, and Women First HealthCare, Inc. cautions you that any forward-looking information is not a guarantee of future performance. Women First HealthCare, Inc. disclaims any intent or obligation to update these forward-looking statements. Actual results could differ materially due to a number of factors, including (i) we may not maintain compliance with the new covenant levels established with respect to the senior secured notes; (ii) we have incurred significant losses since we were founded in November 1996, and if midlife women do not use, and their clinicians do not recommend, the products we offer, we will experience losses in the future; (iii) there is a limited market awareness of our Company and the products and services we offer; (iv) we may not be able to identify appropriate acquisition, licensing, or co-promotion candidates in the future or to take advantage of the opportunities we identify; (v) we and our products face significant competition; (vi) our products may not achieve or maintain market acceptance for a variety of reasons, including as a result of recent research published by the National Cancer Institute and the National Institutes of Health concerning estrogen replenishment therapy and combination estrogen/progestin hormonal replenishment therapy in healthy menopausal women, respectively; (vii) if we do not successfully manage any growth we experience, we may experience increased expenses without corresponding revenue increases; (viii) we are dependent on single sources of supply for all of the products we offer; (ix) reduced consumer confidence could adversely affect sales by our Consumer Business Division; (x) our third party suppliers and licensors may terminate their agreements with us earlier than we expect, and as a result we may be unable to continue to market and sell the related pharmaceutical products on an exclusive basis or at all; (xi) if we overestimate demand for our products, we may be required to write off inventories and/or increase our reserves in future periods, (xii) we have incurred significant debt obligations which will require us to make debt service payments in the future; and (xiii) additional factors set forth in the Company's Securities and Exchange Commission filings including its Annual Report on Form 10-K for the period ended December 31, 2002 and its Form 10-Q for the period ended March 31, 2003.