The Quigley Corporation Announces Update on Strategic Alternatives and Commitment...

The Quigley Corporation Announces Update on Strategic Alternatives and
Commitment to Additional Review of Current Cost Structure

DOYLESTOWN, Pa., May 18 /PRNewswire-FirstCall/ -- The Quigley Corporation,
(Nasdaq: QGLY), www.quigleyco.com, today announced an update on the Company's
possible alternative strategies going forward following the Company's recent
announcement regarding the unexpected positive finding for its QR-333
(Diabetic Peripheral Neuropathy) compound during the recently completed Phase
11b clinical trial. While the complete statistical results of the trial are
awaited, the Company's Board of Directors and management will immediately
initiate a process to explore and evaluate various strategic and financial
alternatives available, with the goal to maximize stockholder value.

The possible options being considered by the Company currently include,
licensing, joint venture, and if beneficial to the stockholders, the sale of
the Pharma division. In addition, the Company will be actively considering
the separation of the OTC and Pharma assets to further explore all means of
maximizing stockholder value. In order to properly evaluate these options,
the Company is in the process of retaining a nationally recognized investment
banker to serve as its financial advisor in connection with this process.

The Company also confirmed today that in addition to the consolidation process
currently underway at its manufacturing facility, Quigley Manufacturing Inc.,
it is committed to implementing further cost reductions particularly in the
area of compensation for certain executives and other operating areas as
deemed necessary. The cost reduction has become necessary due to reduced
performance of the Company's OTC segment of the business which is reflective
of the broad downturn in consumer spending on this category of goods.

Guy J. Quigley, Chairman, Chief Executive Officer and President of The Quigley
Corporation, stated, "As we continue to implement our long-term strategic plan
and work to realize the potential of Pharma's QR-333 compound to treat
Diabetic Peripheral Neuropathy and other formulations currently under
development by the Company's Pharma division, management and our Board of
Directors have determined that we should examine all potential means for
maximizing value for our stockholders. Due to the current broad economic
decline in the overall HBC category (Health and Beauty Care) marketplace, in
both dollar and unit sales, a segment of the market into which cold remedies
such as COLD-EEZE falls, we foresee no sign of immediate improvement.
Therefore, we are taking the additional steps announced today to more closely
align our operating costs with the current decreased level of demand for the
Company OTC products."

The Company cautions that there can be no assurance that the exploration of
strategic alternatives will result in any specific transaction. The Company
does not expect to disclose further developments regarding the process until
the completion of the strategic alternatives review and a decision by the
Board of Directors regarding a transaction or course of action.

About The Quigley Corporation

The Quigley Corporation (Nasdaq: QGLY, http://www.Quigleyco.com) is a
diversified natural health medical science company. Its Cold Remedy segment is
a leading marketer and manufacturer of the COLD-EEZE(R) family of lozenges,
gums and sugar free tablets clinically proven to cut the common cold nearly in
half. COLD-EEZE customers include leading national wholesalers and
distributors, as well as independent and chain food, drug and mass merchandise
stores and pharmacies. The Quigley Corporation has several wholly owned
subsidiaries; Quigley Manufacturing Inc. consists of two FDA approved
facilities to manufacture COLD- EEZE(R) lozenges as well as fulfill other
contract manufacturing opportunities. Quigley Pharma Inc.
(http://www.QuigleyPharma.com) conducts research in order to develop and
commercialize a pipeline of patented botanical and naturally derived potential
prescription drugs.

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 and
involve known and unknown risk, uncertainties and other factors that may cause
the Company's actual performance or achievements to be materially different
from the results, performance or achievements expressed or implied by the
forward-looking statement. Factors that impact such forward-looking statements
include, among others, changes in worldwide general economic conditions,
changes in interest rates, government regulations, and worldwide competition.

Important Additional Information

The Quigley Corporation ("Quigley" or the "Company") filed a definitive proxy
statement with the Securities and Exchange Commission (the "SEC") on April 2,
2009 in connection with the 2009 Annual Meeting of Stockholders and began the
process of mailing the definitive proxy statement and a WHITE proxy card to
stockholders. The Company's stockholders are strongly advised to read
Quigley's proxy statement as it contains important information. Stockholders
may obtain an additional copy of Quigley's definitive proxy statement and any
other documents filed by the Company with the SEC for free at the SEC's
website at http://www.sec.gov. Copies of the definitive proxy statement are
available for free at
http://www.amstock.com/ProxyServices/ViewMaterial.asp?CoNumber=07814.

In addition, copies of the Company's proxy materials may be requested at no
charge by contacting MacKenzie Partners, Inc. at 1-800-322-2885 or via email
at quigley@mackenziepartners.com. Detailed information regarding the names,
affiliations and interests of individuals who are participants in the
solicitation of proxies of Quigley's stockholders is available in Quigley's
definitive proxy statement filed with SEC on April 2, 2009.

CONTACT:

Gerard M. Gleeson
The Quigley Corporation
Vice President, CFO
(215) 345-0919

Mark Harnett / Bob Marese
MacKenzie Partners, Inc.
(212) 929-5500
Quigley@mackenziepartners.com

Carl Hymans
G. S. Schwartz & Co.
212-725-4500
carlh@schwartz.com

SOURCE The Quigley Corporation

Gerard M. Gleeson, The Quigley Corporation, Vice President, CFO,
+1-215-345-0919, Mark Harnett, or Bob Marese, both of MacKenzie Partners,
Inc., +1-212-929-5500, Quigley@mackenziepartners.com, Carl Hymans, G. S.
Schwartz & Co., +1-212-725-4500, carlh@schwartz.com