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Dutton Associates Announces Investment Opinion: A.P. Pharma Inc. Strong Speculative Buy Rating and $3.00 Price Target Reiterated in Update by Dutton Associates

EL DORADO HILLS, Calif., Feb 08, 2006 (BUSINESS WIRE) -- Dutton Associates updates coverage of A.P. Pharma Inc. (Nasdaq:APPA) reiterating a Strong Speculative Buy rating and a 12-month price target of $3.00. The 7-page report by Dutton senior analyst Stephen L. Handley is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and other leading financial portals. A.P. Pharma is a specialty pharmaceutical company seeking to develop and commercialize products utilizing its proprietary polymer-based delivery systems. The Company recently announced that the pivotal trial protocol for APF530, a compound with a planned use for the prevention of acute and delayed nausea and vomiting following chemotherapy, has been submitted to the FDA for review prior to commencing the Phase III trial.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 29 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 100 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid before commencement of our research activities. We received $55,000 from the Company for 7 quarterly Research Reports with coverage commencing on 12/05/2003. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.

SOURCE: A.P. Pharma Inc.

Dutton Associates
John M. Dutton, 916-941-8119