A.P. Pharma, Inc.

A.P. Pharma, Inc. is a specialty pharmaceutical company focused on the development of pharmaceutical products utilizing its proprietary polymer-based drug delivery systems. The Company's focus is the development and commercialization of bioerodible injectable and implantable systems under the trade name Biochronomer. The Company has also developed a second family of polymers (collectively, block copolymers of poly(ortho esters) and poly(ethylene glycol)) under the trade name Bioerodimer. Initial targeted areas of application for the Company's drug delivery technologies include pain management; anti-inflammatory, oncology and ophthalmology applications; device coatings, and DNA delivery. In February 2003, the Company sold the assets of APS Analytical Standards, Inc., a wholly owed subsidiary through which the company engaged in developing microspheres for use as a testing standard for gauging the purity of municipal drinking water.