THE FEMALE HEALTH COMPANY REPORTS:

CHICAGO, May 15, 2000-- The Female Health Company (OTC BB:FHCO) today announced net revenues for the second quarter ending March 31, 2000 increased 23 percent to $1,349,718 from $1,093,722 in the same period in 1999. The increase comes on the heels of the 20 percent revenue increase experienced during the first quarter of fiscal year 2000. Year to date unit sales and orders in house as of March 31, 2000 totaled 6.6 million units compared to 4.0 million units during the same period prior year for an increase of 65 percent.

 The results were consistent with the expectations for the quarter, in terms of shipments and orders. The Company expects significant quarter to quarter variation due to the timing of receipt of large orders, subsequent production scheduling and shipping of products as various countries in the global public sector schedule the introduction of the product in prevention programs under the UNAIDS agreement.

 Net loss for the fiscal second quarter ending March 31, 2000 decreased 10 percent to $1,019,149 ($0.08 per diluted share) compared to a net loss of $1,132,916 ($0.11 per diluted share) for the same period in fiscal year 1999. The net loss declined as a result of improved gross profit offset by higher operating expenses and non-operating expenses associated with greater outstanding debt than held during the prior year second quarter.

 Gross profit improved as a result of an increase in sales coupled with a reduction in cost of goods sold. The sales expansion resulted from increased unit sales shipped to international customers principally related to preparation for the April product launch in Japan.

 Selling, general and administrative expenses increased 15 percent as a result of increases in selling, accounting and financing costs. The increase in selling expenses is a result of an expansion of sales staff to support worldwide sales compared to the prior year period. As a result of additional financing the Company incurred accounting costs and non-cash expenses related to warrants issued for investment service at a cost greater than incurred in the prior fiscal quarter.

 Non-operating expenses increased for the current period principally as a result of a higher level of debt outstanding than existing the same period last year, due to the issuance of convertible debentures. The result is a larger amount of non-cash expenses incurred from the amortization of discounts on convertible debentures than the second quarter of the prior year.

 The United Nations (UN) recently established a goal to reduce the incidence of HIV/AIDS in young people in developing countries by 25 percent by the year 2005.  Currently there are only two products that prevent the transmission of HIV/AIDS through sexual intercourse ‑ the latex male condom and the female condom.  The Company is currently in discussion with the World Health Organization (WHO) and the Joint United Nations Program on HIV/AIDS (UNAIDS) regarding the role the Female Condom can play in achieving the UN goal.

 In addition to the new UN goal to reduce HIV/AIDS and expanded UNAIDS programs, key events that will impact results in the remaining quarters of fiscal year 2000 include the development of the national prevention program in Brazil and the continued roll out of the Female Condom. As reported earlier, the Female Condom was launched in Japan by Taiho Pharmaceuticals on April 24, 2000,

 The Female Health Company, based in Chicago, owns certain worldwide rights to The Female Condomä including patents which have been issued in the United States, United Kingdom, Japan, France, Italy, Germany, Spain, The People’s Republic of China, Canada, New Zealand, South Korea and Australia.  The Female Condomä is the only available product controlled by a woman that protects against sexually transmitted diseases including HIV/AIDS, and unintended pregnancy.

“Safe Harbor” Statement under the Private Securities Litigation Reform Action of 1995: The statements in this release which are not historical fact are forward-looking statements based upon the Company’s current plans and strategies, and reflect the Company’s current assessment of the risks and uncertainties related to its business, including such things as product demand and market acceptance; the economic and business environment and the impact of governmental regulations, both in the United States and abroad; the effects of competitive products and pricing pressures; currency risks; capacity; efficiency and supply constraints; and other risks detailed in the Company’s press releases, shareholder communication and Securities and Exchange Commission filings.  Actual events affecting the Company and the impact of such events on the Company’s operations may vary from those currently anticipated.

William R. Gargiulo, Jr.      Mary Ann Leeper,Ph.D.         Desta Davis

       231.526.1244                        312.280.1119               312.397.6070

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