Wechsler Harwood Files Class Action Against Alliance Pharmaceutical Corporation (Nasdaq: ALLP)

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all persons who acquired the common stock of Alliance Pharmaceutical Corp. ("Alliance" or the "Company") (NASDAQ: ALLP) pursuant to the merger between Molecular Biosystems, Inc. ("MBI") and Alliance (the "Merger") completed on December 29, 2000 (the "Class"). The complaint charges Alliance and certain of its officers and directors with violations of Sections 11 and 15 of the Securities Act of 1933.

The complaint alleges that defendants violated the Federal securities laws by issuing a Registration Statement pursuant to the Merger which failed to disclose that enrollment for a critical Phase 3 trial of Alliance's synthetic blood substitute, OXYGENT, would be "suspended indefinitely" and that the Company would have insufficient capital for the current fiscal year.

On January 8, 2001, only five days after Alliance announced the consummation of the Merger, defendants announced that the Phase 3 trial of OXYGENT would be "suspended indefinitely."

On January 9, 2001, at least one analyst downgraded the Company's stock and, in contrast to the Registration Statement's representations, reported that the Company had insufficient working capital for the forthcoming fiscal year.

Plaintiffs, former MBI shareholders, seek to rescind the Merger or, alternatively, seek rescission damages on behalf of Class members. Plaintiffs are represented by the New York law firm of Wechsler Harwood Halebian & Feffer LLP, which has extensive experience representing shareholders in class actions and has been recognized as able practitioners by the courts. http://www.whhf.com/

If you are a member of the Class described above, and if you meet certain other legal requirements, you may, not later than 60 days from February 23, 2001, move the court to serve as a lead plaintiff.

If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:

       Wechsler Harwood Halebian & Feffer LLP
       488 Madison Avenue
       New York, New York 10022

       Telephone: (877) 935-7400 (toll free)
       Facsimile: (212) 753-3630
       Patricia Guiteau, Shareholder Relations Department:
       pguiteau@whhf.com

SOURCE: Wechsler Harwood Halebian & Feffer LLP

Contact: Patricia Guiteau, Shareholder Relations Department of Wechsler
Harwood Halebian & Feffer LLP, 877-935-7400, or fax, 212-753-3630

Website: http://www.whhf.com/