Sec Form 4 Filing - REICHER MICHAEL K @ HALSEY DRUG CO INC/NEW - 2003-11-25

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person REICHER MICHAEL K 2. Issuer Name and Ticker or Trading Symbol HALSEY DRUG CO INC/NEW [ HDGC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) X __ Other (specify below) former director and officer (Last) (First) (Middle) 695-2A N. PERRYVILLE ROAD 3. Date of Earliest Transaction (MM/DD/YY) 11/25/2003 (Street) ROCKFORD, IL61107 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/25/2003 S 7,500 D $ 0.4 178,330 D Common Stock 11/26/2003 S 10,000 D $ 0.4 168,330 D Common Stock 12/01/2003 S 2,500 D $ 0.52 165,830 D Common Stock 12/01/2003 S 2,500 D $ 0.52 163,330 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrant $ 0.34 09/18/2003 A 150,000( 1 ) 09/18/2003 09/18/2010 Common Stock 150,000( 1 ) $ 0 1,912,162 D 5% Convertible Senior Secured Debentures $ 0.48 10/16/2003 C 190,617 10/16/2003 03/31/2006 Common Stock 190,617 $ 0 1,721,545 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other REICHER MICHAEL K 695-2A N. PERRYVILLE ROAD ROCKFORD, IL61107 former director and officer Signatures /s/ Michael R. Reicher 12/01/2003 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Warrant to purchase 150,000 shares of common stock at $ .34 per share issued to reporting person by issuer as part of Separation Agreement between reporting person and issuer. Issuance of Warrant is subject to approval of issuer's shareholders at next annual meeting of amendment to issuer's certificate of incorporation to increase authorized capital to permit, among other things, reservation of sufficient shares for exercise of this Warrant.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.