PRESS RELEASE

EXHIBIT 99.1

[EXEGENICS LOGO]

Contact: WaLisa M. Davenport
EXEGENICS Inc.
(214) 358-2000

E. Blair Clark (Investors)
Burns McClellan
(212) 213-0006


EXEGENICS REPORTS FIRST QUARTER 2003 RESULTS
-- CASH BURN RATE DRAMATICALLY REDUCED --


Dallas, May 13, 2003 - EXEGENICS INC. (Nasdaq: EXEG) today announced results for
its quarter ended March 31, 2003.

For the quarter ended March 31, 2003, net loss attributable to common
shareholders was $1,018,000, or $0.07 per share, a reduction of almost half
compared with net loss of $1,938,000, or $0.12 per share, for the same period in
2002. Excluding the effect of preferred stock dividends, net loss for the first
quarter of 2003 was $987,000 compared with net loss of $1,769,000 in the first
quarter of 2002. The lower net loss in the first quarter of 2003 was due
primarily to a decrease in research and development expenses associated with
terminated scientific programs. Revenue for the first quarter of 2003 was
$13,000, compared to revenue for first quarter of 2002 of $333,000. The decline
in revenue was attributable to residual billings from completed research and
development agreements.

"The substantial reduction in first quarter expenses was the result of our
strategic redirection away from investments in discovery research," said Dr.
Ronald L. Goode, EXEGENICS' President and CEO. "The discontinuation of
early-stage and very long term programs, together with a special program to
further reduce operating costs, will help us to conserve cash as we search for
drug development programs with less technical risk and reduced time to
commercialization. While we believe that we have the financial resources to
implement our strategy of acquisition and development, we will focus on
efficiency as we acquire promising compounds and begin to move them through
clinical development." As of March 31, 2003, EXEGENICS reported cash, cash
equivalents and restricted cash of $15.5 million.




ABOUT EXEGENICS INC.

EXEGENICS Inc. is an emerging pharmaceutical company dedicated to the
acquisition, rapid development and commercialization of drug therapies for use
by physician specialists. Rather than committing significant resources to
discovery research, we seek to reduce the time, expense and technical risk
associated with drug development and commercialization by identifying and
acquiring late stage pre-clinical or early stage clinical compounds. For more
information, please visit http://www.eXegenicsinc.com.

SAFE HARBOR

This release contains forward-looking statements relating to in-licensing and
the subsequent development of EXEGENICS' products and future operating results
that are subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. The words "believe,"
"expect," "intend", "anticipate," variations of such words, and similar
expressions identify forward-looking statements, but their absence does not mean
that the statement is not forward-looking. These statements are not guarantees
of future performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Factors that could affect EXEGENICS'
actual results include conditions in the capital markets in general and in the
life science capital market specifically which may affect potential financing
sources for the development of EXEGENICS' business, the progress and costs of
clinical trials and the timing of regulatory approvals, the ability to
successfully develop and commercialize products and the risks and uncertainties
described in EXEGENICS' current and periodic reports filed with the Securities
and Exchange Commission, including EXEGENICS' Annual Report on Form 10-K for the
year ended December 31, 2002. In addition, we may not be successful in our
efforts to acquire clinical candidates from outside sources. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this release. EXEGENICS undertakes no obligation to
update any forward-looking statement to reflect new information, events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.




FINANCIAL HIGHLIGHTS
Summary Statement of Income Data