[DUSA LOGO]

INNOVATION IN PHOTODYNAMIC THERAPY

DUSA PHARMACEUTICALS, INC.(R)

FOR RELEASE AT 8:00 A.M.



              DUSA PHARMACEUTICALS REPORTS ACCELERATED TERMINATION

               OF DERMATOLOGY AGREEMENT WITH SCHERING AG, GERMANY



WILMINGTON, MA. AUGUST 27, 2002 - DUSA Pharmaceuticals, Inc. (NASDAQ NMS: DUSA)

reported today that as of September 1, 2002, it will reacquire all rights to

Levulan(R) PDT in the field of dermatology from Schering AG, its former

dermatology marketing and development partner.



Following the previously announced notice of termination that DUSA received on

June 6, 2002, DUSA(R) and Schering AG have now finalized a termination agreement

that will be effective on September 1. The terms of the parties' Marketing,

Development and Supply Agreement, dated November 22, 1999, provide for a twelve

(12) month notice period, but both parties agreed to accelerate the process.



As part of the termination agreement, Schering AG has agreed to continue its

financial support for the Levulan PDT dermatology R&D program for the remainder

of 2002. In addition, Schering AG will complete several on-going clinical

studies for DUSA's benefit.



In the financial statements for the quarter ending September 30, 2002, the

Company expects to record in its Statement of Operations any unamortized

deferred revenue (which amounts to $21,320,830 at June 30, 2002) related to

non-refundable milestone payments previously received under the Schering

Agreement. The revenue will be offset, in part, by adjustments to the net

realizable value of certain assets, which are currently valued at $6,950,000.

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