Questcor Completes $10 Million Private Placement

Questcor Pharmaceuticals, Inc. (AMEX: QSC - News) has completed its $10.0 million private placement of Series B Convertible Preferred Stock announced on January 13, 2003. All of the closing conditions have been satisfied and the funds have been received by the Company.

About Questcor
Questcor Pharmaceuticals, Inc. is an integrated specialty pharmaceutical company focused on the acquisition and marketing of acute care and critical care hospital/specialty pharmaceutical and related healthcare products. Questcor currently markets five products in the U.S.: HP Acthar® Gel, an injectable drug that is commonly used in treating patients with infantile spasm, or West Syndrome; Ethamolin®, an injectable drug used to treat enlarged weakened blood vessels at the entrance to the stomach that have recently bled, known as esophageal varices; Glofil(TM)-125 and Inulin in Sodium Chloride, which are both injectable agents that assess how well the kidney is working by measuring glomerular filtration rate, or kidney function; and VSL#3(TM), a patented probiotic marketed as a dietary supplement, to promote normal gastrointestinal (GI) function. As part of a strategy to develop its products globally, Questcor has entered into 28 contractual relationships with public and private companies including: Ahn-Gook Pceuticals of Korea; Aventis Pharmaceuticals Inc. of Bridgewater, N.J.; Beacon Pharmaceuticals, Ltd. of Tunbridge Wells, Kent, United Kingdom; CSC Pharmaceuticals Handels GmbH of Vienna, Austria; Dainippon Pharmaceutical Co. Ltd., of Osaka, Japan; Orphan Australia of Melbourne, Australia; Rigel, Inc. of South San Francisco, Calif.; Sigma-Tau Finanziaria S.p.A of Rome, Italy; Tularik, Inc. of South San Francisco, Calif. and VSL Pharmaceuticals of Ft. Lauderdale, Fla.

Note: Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Such statements are subject to certain factors, which may cause Questcor's results to differ from those reported herein. Factors that may cause such differences include, but are not limited to, the ability of Questcor to implement its strategy and acquire products and, if acquired, to market them successfully, Questcor's ability to accurately forecast the demand for each of their products, the gross margins achieved from the sale of those products and the expenses and other cash needs for the upcoming periods, Questcor's ability to obtain finished goods from its sole source contract manufacturers on a timely basis if at all, Questcor's need for additional funding, uncertainties regarding Questcor's intellectual property and other research, development, marketing and regulatory risks as well as the risks discussed in Questcor's report on Form 10-K for the calendar year ended December 31, 2001 and other documents filed with the Securities and Exchange Commission. The risk factors and other information contained in these documents should be considered in evaluating Questcor's prospects and future financial performance.

Contact:

Questcor Pharmaceuticals, Inc.
Charles J. Casamento
Chairman, President & CEO
510/400-0700

Timothy E. Morris
CFO
510/400-0700

The Investor Relations Group
Shayne Payne/Dian Griesel
Investors and Media
212/825-3210