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Forrester Invests $3.2 Million in The Quigley Corporation Exercises 500,000 Warrants

DOYLESTOWN, PA, June 5, 2002 - The Quigley Corporation (Nasdaq: QGLY) today announced that Forrester Financial LLC, a financial consulting firm, has exercised warrants to purchase 500,000 shares of Quigley common stock at $6.50 per share.

The Quigley Corporation entered into a consulting agreement with Forrester Financial in March 2002 when the stock was trading at $3.40 per share. Quigley shares closed at $7.25 on June 4, 2002. The purchase represents 4.6% of current outstanding shares.

The warrants were issued as compensation for services to be rendered by Forrester, which include counsel on investor relations, general business strategies, acquisitions and any future public offerings of securities.

The Company granted Forrester warrants for the purchase up to 1,000,000 shares of the Company's common stock, $.0005 par value per share. The warrants are exercisable until March 6, 2003 or the termination of the consulting agreement, at varying exercise prices as follows: 500,000 shares of common stock at an exercise price per share of $6.50; 250,000 shares of common stock at an exercise price per share of $8.50; and 250,000 shares of common stock at a per share exercise price of $11.50.

Guy J. Quigley, chairman, president and chief executive officer stated, "Forrester's acceptance of Quigley Corporation warrants as compensation and its subsequent stock purchase demonstrates that firm's support for the Company's growth strategy. Our new product introductions and focused marketing strategy for our flagship Cold-Eeze® brand as well as the promising launch of Quigley Pharma are designed to produce sustainable profitability and enhanced shareholder value."

Quigley Pharma is currently conducting a Phase II clinical trial in France for a topical treatment for diabetic neuropathy. It is expected that proceeds from the sale of shares through warrants exercised by Forrester, totaling approximately $3.2 million, will benefit Quigley Pharma's ongoing product research and development efforts.

The Quigley Corporation previously filed, a registration statement with the Securities and Exchange Commission to permit a public offering and sale of the common stock issuable upon the exercise of the warrants.

About The Quigley Corporation
The Quigley Corporation (NASDAQ: QGLY) is a leading developer and marketer of diversified health products including the Cold-Eeze® family of patented zinc gluconate glycine (ZIGG™) lozenges, gums and sugar free tablets. Cold-Eeze is the only (ZIGG™) lozenge proven in two double-blind studies to reduce the duration of the common cold from 7.6 to 4.4 days or by 42%. In addition to Over-The-Counter (OTC) products, the Company has formed Quigley Pharma Inc. (http://www.QuigleyPharma.com), a wholly owned ethical pharmaceutical subsidiary, to introduce a line of patented prescription drugs. The Quigley Corporation's customers include leading national wholesalers and distributors, as well as independent and chain food, drug and mass merchandise stores and pharmacies.

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 results, 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.