BRADLEY PHARMACEUTICALS, INC.
 
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                                  B Y - L A W S
 
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                                    ARTICLE I
 
                                     OFFICES
 
 
     Section 1. The registered office shall be in the City of Wilmington, County
of New  Castle,  State of  Delaware.  
 
     Section 2. The  Corporation may also have offices at such other places both
within and without the State of Delaware as the Board of Directors may from time
to time  determine or the business of the  Corporation  may require.  
 
                                   ARTICLE II
                            MEETINGS OF STOCKHOLDERS
 
     Section 1. All meetings of the  stockholders  for the election of directors
shall be held in the City of Wilmington,  State of Delaware at such place as may
be fixed from time to time by the Board of  Directors,  or at such  other  place
either within or without the State of Delaware as shall be designated  from time
to time by the  Board of  Directors  and  stated in the  notice of the  meeting.
Meetings  of  stockholders  for any other  purpose  may be held at such time and
place, within or without the State of Delaware, as shall be stated in the notice
of the meeting or in a duly executed waiver of notice thereof.
 
 
 
     Section 2. Annual meetings of stockholders,  commencing with the year 1999,
shall be held on the first Monday of May, if not a legal holiday, and if a legal
holiday, then on the next secular day following, at 10:00 a.m., or at such other
date and time as shall be designated from time to time by the Board of Directors
and stated in the notice of the  meeting,  at which they shall  elect a Board of
Directors and transact such other business as may properly be brought before the
meeting. 
 
     Section 3. Written notice of the annual meeting stating the place, date and
hour of the meeting shall be given to each stockholder  entitled to vote at such
meeting not less 10 than nor more than 60 days  before the date of the  meeting.
 
     Section  4.  The  officer  who  has  charge  of  the  stock  ledger  of the
Corporation  shall  prepare and make,  at least ten days before every meeting of
stockholders,  a  complete  list  of the  stockholders  entitled  to vote at the
meeting,  arranged in alphabetical  order, and showing the last known address of
each  stockholder  and the  number  of  shares  registered  in the  name of each
stockholder.  Such list shall be open to the  examination of any stockholder who
makes a written request to the  Corporation to do so by certified  mail,  return
receipt  requested,  for any purpose  germane to the  meeting,  during  ordinary
business hours,  for a period of at least ten days prior to the meeting,  either
at a place within the city where the meeting is to be held, which place shall be
specified in the notice of the meeting,  or, if not so  specified,  at the place
where the meeting is to be held. The list shall also be produced and kept at the
time and  place  of the  meeting  during  the  whole  time  thereof,  and may be
inspected by any stockholder who is present.  
 
     Section  5.  Special  meetings  of the  stockholders,  for any  purpose  or
purposes,  unless  otherwise  prescribed  by  statute or by the  Certificate  of
Incorporation,  may be  called  by the  President  and  shall be  called  by the
Chairman  or the  President  or, at the  request in writing of a majority of the
Board of Directors,  by the  Secretary.  Such request shall state the purpose or
purposes of the proposed meeting. 
 
     Section 6. Written notice of a special meeting stating the place,  date and
hour of the meeting and the purpose or purposes  for which the meeting is called
shall be given  not less 10 than nor more  than 60 days  before  the date of the
meeting  to each  stockholder  entitled  to vote at  such  meeting.
 
     Section 7. Business transacted at any special meeting of stockholders shall
be limited to the purposes stated in the notice.
 
 
<PAGE>
 
     Section 8. The  holders of a majority of the stock  issued and  outstanding
and entitled to vote thereat,  present in person or represented by proxy,  shall
constitute a quorum at all meetings of the  stockholders  for the transaction of
business  except as  otherwise  provided  by  statute or by the  Certificate  of
Incorporation.  Notwithstanding  the  foregoing,  as to  matters  on  which  the
Corporation's  Class A stockholders  and Class B  stockholders  vote as separate
classes pursuant to the Certificate of Incorporation,  the holders of a majority
of each such class  issued and  outstanding  and  entitled  to vote,  present in
person or by proxy,  shall constitute a quorum.  If, however,  such quorum shall
not  be  present  or  represented  at  any  meeting  of  the  stockholders,  the
stockholders  entitled  to vote  thereat,  present in person or  represented  by
proxy,  shall have power  voting as a single  class to adjourn the meeting  from
time to time,  without notice other than  announcement  at the meeting,  until a
quorum shall be present or  represented.  At such  adjourned  meeting at which a
quorum shall be present or  represented,  any business may be  transacted  which
might  have been  transacted  at the  meeting  as  originally  notified.  If the
adjournment  is for more than thirty  days,  or if after the  adjournment  a new
record  date is fixed  for the  adjourned  meeting,  a notice  of the  adjourned
meeting  shall be given to each  stockholder  of record  entitled to vote at the
meeting.  
 
     Section 9. When a quorum is present at any meeting, the vote of the holders
of a  majority  of the  stock  which  has  voting  power  present  in  person or
represented  by proxy and which votes on a question shall decide such a question
brought  before such  meeting,  unless the question is one upon which by express
provision of the Delaware General  Corporation Law ("GCL") or of the Certificate
of  Incorporation,  a  different  vote is  required  in which case such  express
provision shall govern and control the decision of such question.  The holder of
any shares who  abstains as to a question  shall be deemed not to have voted for
this purpose.
 
 
 
<PAGE>
 
 
 
 
     Section 10. Unless otherwise  provided in the Certificate of Incorporation,
each stockholder shall, at every meeting of the stockholders, be entitled to one
vote in person or by proxy for each share of the  capital  stock  having  voting
power held by such  stockholder,  but no proxy  shall be voted after three years
from its date, unless the proxy provides for a longer period. Section 11. Unless
otherwise  provided in the Certificate of Incorporation,  any action required to
be taken at any annual or special meeting of stockholders of the Corporation, or
any  action  which  may be  taken  at any  annual  or  special  meeting  of such
stockholders, may be taken without a meeting, without prior notice and without a
vote,  if a consent in  writing,  setting  forth the  action so taken,  shall be
signed by the  holders of  outstanding  stock  having not less than the  minimum
number of votes that would be  necessary  to  authorize or take such action at a
meeting at which all shares  entitled to vote  thereon  were  present and voted.
Prompt  notice of the taking of the corporate  action  without a meeting by less
than unanimous written consent shall be given to those stockholders who have not
consented in writing.  
 
                                  ARTICLE III
                                   DIRECTORS
 
     Section 1. The number of directors  which shall  constitute the whole board
shall be at least  three (3) and not more than  eleven  (11),  with the Board of
Directors to establish  the number of directors  from time to time. In the event
there are at least three hundred twenty five thousand  (325,000) shares of Class
B Common Stock issued and outstanding, the holders of Class B Common Stock shall
vote as a separate class to elect a majority  (consisting of the sum of one plus
one-half of the total number of directors)  of the directors of the  Corporation
(who shall be known as "Class B Directors"), to remove any Class B Director with
or without cause at any time and to fill all vacancies  among Class B Directors,
and the  holders of Class A Common  Stock and voting  Preferred  Stock,  if any,
shall vote together as a single class to elect the remainder of the directors of
the Corporation (who shall be known as "Class A Directors"), to remove any Class
A Director  with or without  cause at any time and to fill all  vacancies  among
Class A Directors.  The directors  shall be elected at the annual meeting of the
stockholders, except as provided in Section 2 of this Article, and each director
elected  shall  hold  office  until his  successor  is  elected  and  qualified.
Directors  need not be  stockholders.  
 
     Section 2.  Vacancies and newly created  directorships  resulting  from any
increase in the  authorized  number of directors  may be filled by a majority of
the class of directors  to be filled then in office,  though less than a quorum,
or by a sole remaining director in such class, and the directors so chosen shall
hold office until the next annual  election and until their  successors are duly
elected and shall qualify, unless sooner displaced. If there are no directors of
a class in  office,  then an  election  of  directors  may be held in the manner
provided by GCL.
 
     Section 3. The business of the Corporation shall be managed by or under the
direction  of its Board of  Directors  which may exercise all such powers of the
Corporation  and do all such  lawful acts and things as are not by statute or by
the Certificate of  Incorporation or by these By-Laws directed or required to be
exercised  or done by the  stockholders.  
 
                       MEETINGS OF THE BOARD OF DIRECTORS
 
     Section 4. The Board of Directors  of the  Corporation  may hold  meetings,
both  regular  and  special,  either  within or without  the State of  Delaware.
 
     Section 5. The first meeting of each newly elected Board of Directors shall
be held at such time and place as shall be fixed by the vote of the stockholders
at the annual  meeting and no notice of such  meeting  shall be necessary to the
newly elected  directors in order legally to constitute the meeting,  provided a
quorum shall be present.  In the event of the failure of the stockholders to fix
the time or place of such first meeting of the newly elected Board of Directors,
or in the event  such  meeting is not held at the time and place so fixed by the
stockholders,  the  meeting  may be held at such  time  and  place  as  shall be
specified in a notice given as hereinafter  provided for special meetings of the
Board of Directors,  or as shall be specified in a written  waiver signed by all
of the directors.  
 
     Section 6. Regular  meetings of the Board of Directors  may be held without
notice at such time and at such place as shall  from time to time be  determined
by the Board.  
 
     Section 7.  Special  meetings  of the Board may be called by the  Chairman,
President  or Chief  Executive  Officer on five days'  notice to each  director,
either  personally or by mail or by facsimile  communication;  special  meetings
shall be called by the Chairman, President, Chief Executive Officer or Secretary
in like manner and on like  notice on the  written  request of a majority of the
Class B Directors unless the Board includes only one Class B Director,  in which
case  special  meetings  shall  be  called  by the  Chairman,  President,  Chief
Executive  Officer or Secretary in like manner and on like notice on the written
request of the sole Class B Director. 
 
     Section 8. At all  meetings  of the Board of  Directors,  a majority of the
directors shall  constitute a quorum for the transaction of business and the act
of a majority of the directors present at any meeting at which there is a quorum
shall  be  the  act  of the  Board  of  Directors,  except  as may be  otherwise
specifically  provided  by GCL or by the  Certificate  of  Incorpora-tion.  If a
quorum  shall  not be  present  at any  meeting  of the Board of  Directors  the
directors  present  thereat may adjourn the meeting  from time to time,  without
notice other than announcement at the meeting,  until a quorum shall be present.
 
     Section 9. Unless otherwise  restricted by the Certificate of Incorporation
or these By-Laws, any action required or permitted to be taken at any meeting of
the  Board of  Directors  or of any  committee  thereof  may be taken  without a
meeting,  if all members of the Board or committee,  as the case may be, consent
thereto in writing,  and the  writing or writings  are filed with the minutes of
proceedings of the Board or Committee.  
 
     Section 10. Unless otherwise restricted by the Certificate of Incorporation
or these By-Laws, members of the Board of Directors, or any committee designated
by the  Board  of  Directors,  may  participate  in a  meeting  of the  Board of
Directors,  or any  committee,  by  means of  conference  telephone  or  similar
communications  equipment  by means of which all  persons  participating  in the
meeting can speak to and hear each other,  and such  participation  in a meeting
shall constitute presence in person at the meeting.
 
                            COMMITTEES OF DIRECTORS
 
     Section 11. The Board of Directors may, by resolution  passed by a majority
of the whole Board, designate one or more committees,  each committee to consist
of one or more of the directors of the Corporation.  The Board may designate one
or more  directors as alternate  members of any  committee,  who may replace any
absent or disqualified member at any meeting of the committee. In the absence or
disqualification  of a member of a  committee,  the  member or  members  thereof
present at any meeting and not  disqualified  from voting,  whether or not he or
they constitute a quorum, may unanimously appoint another member of the Board of
Directors to act at the meeting in the place of any such absent or  disqualified
member.  Any such  committee,  to the extent  provided in the  resolution of the
Board of Directors,  shall have and may exercise all the powers and authority of
the Board of  Directors  in the  management  of the  business and affairs of the
Corporation,  and may authorize the seal of the Corporation to be affixed to all
papers  which may  require  it;  but no such  committee  shall have the power or
authority in reference to amending the  Certificate  of  Incorporation  (except
that a committee may, to the extent  authorized in the resolution or resolutions
providing  for the issuance of shares of stock adopted by the Board of Directors
as provided in Section 153(a) of the GCL fix any of the preferences or rights of
such shares relating to dividends, redemption,  dissolution, any distribution of
assets of the Corporation or the conversion into, or the exchange of such shares
for, shares of any other class or classes or any other series of the same or any
other class or classes of stock of the  Corporation),  adopting an  agreement of
merger or  consolidation,  recommending to the  stockholders  the sale, lease or
exchange of all or substantially all of the  Corporation's  property and assets,
recommending  to  the  stockholders  a  dissolution  of  the  Corporation  or  a
revocation of a dissolution,  or amending the By-Laws of the  Corporation;  and,
unless the resolution or the Certificate of Incorporation expressly so provides,
no such committee  shall have the power or authority to declare a dividend or to
authorize  the  issuance of stock or to adopt a  certificate  of  ownership  and
merger.  Such  committee or  committees  shall have such name or names as may be
determined from time to time by resolution adopted by the Board of Directors.
 
     Section 12. Each committee  shall keep regular  minutes of its meetings and
report  the same to the  Board  of  Directors  when  required.
 
                           COMPENSATION OF DIRECTORS
 
     Section 13. Unless otherwise restricted by the Certificate of Incorporation
or these  By-Laws,  the Board of Directors  shall have the  authority to fix the
compensation of directors.  The directors may be paid their expenses, if any, of
attendance at each meeting of the Board of Directors and may be paid a fixed sum
for  attendance  at each meeting of the Board of Directors or a stated salary as
director.  No  such  payment  shall  preclude  any  director  from  serving  the
Corporation in any other capacity and receiving compensation  therefor.  Members
of special or standing committees may be allowed like compensation for attending
committee  meetings.  
 
                              REMOVAL OF DIRECTORS
 
     Section 14. Unless otherwise  provided in the Certificate of Incorporation,
a director of either class may be removed  with or without  cause by the holders
of a majority  of shares  entitled  to vote for the  election of such a class of
directors.  
 
                               ARTICLE IV NOTICES
 
     Section 1. Whenever,  under the  provisions of the GCL, the  Certificate of
Incorporation  or these By-Laws,  notice is required to be given to any director
or  stockholder,  it shall not be construed to mean  personal  notice,  but such
notice  may be  given  in  writing,  by  mail,  addressed  to such  director  or
stockholder at his address as it appears on the records of the Corporation, with
postage thereon prepaid, and such notice shall be deemed to be given at the time
when the same shall be deposited in the United States mail.  Notice to directors
may also be given by facsimile telecommunication. 
 
     Section 2. Whenever any notice is required to be given under the provisions
of the GCL, the Certificate of Incorporation or these By-Laws,  a waiver thereof
in writing,  signed by the person or persons  entitled to said  notice,  whether
before or after the time stated  therein,  shall be deemed  equivalent  thereto.
 
 
                                   ARTICLE V
                                    OFFICERS
 
     Section 1. The officers of the Corporation  shall be chosen by the Board of
Directors and shall be a Chairman,  a President,  a Vice-President,  a Secretary
and Treasurer. The Board of Directors may also choose a chief executive officer,
additional Vice-Presidents,  and one or more Assistant Secretaries and Assistant
Treasurers.  Any number of offices  may be held by the same  person,  unless the
certificate of incorporation or the by-laws  otherwise  provide.
 
     Section 2. The Board of  Directors at its first  meeting  after each annual
meeting of  stockholders  shall  choose a  Chairman,  a  President,  one or more
Vice-Presidents,  a Secretary and a Treasurer. 
 
     Section 3. The Board of  Directors  may  appoint  such other  officers  and
agents as it shall deem  necessary  who shall hold their  offices for such terms
and shall  exercise  such powers and perform such duties as shall be  determined
from time to time by the Board.  
 
     Section 4. The salaries of all officers and agents of the Corporation shall
be fixed by the Board of Directors.  
 
     Section 5. The  officers of the  Corporation  shall hold office until their
successors are chosen and qualify. Any officer elected or appointed by the Board
of  Directors  may be  removed  at any  time,  with  or  without  cause,  by the
affirmative vote of a majority of the Board of Directors.  Any vacancy occurring
in any  office  of the  Corporation  shall be  filled  by action of the Board of
Directors. 
 
                                  THE CHAIRMAN
 
     Section 6. The  Chairman of the Board,  shall,  if present,  preside at all
meetings of the  Stockholders and the Board of Directors and exercise such other
powers  and duties as may be from time to time  assigned  to him by the Board of
Directors.  The  Chairman  of the  Board  shall  report  only  to the  Board  of
Directors.  
 
                                 THE PRESIDENT
 
     Section  7. The  President  shall be the  chief  executive  officer  of the
Corporation,  shall preside at all meetings of the stockholders and the Board of
Directors  in the  absence  of the  Chairman,  shall  have  general  and  active
management of the business of the  Corporation and shall see that all orders and
resolutions  of the Board of  Directors  are carried  into  effect.  If the same
individual is not both President and Chief Executive Officer of the Corporation,
the  President  shall  report to and be  subject to the  authority  of the Chief
Executive Officer.  If the same individual is both President and Chief Executive
Officer of the  Corporation,  that individual  shall report to and be subject to
the  authority  of the  Chairman of the Board.  
 
     Section 8. The President shall execute bonds, mortgages and other contracts
requiring a seal,  under the seal of the  Corporation,  except where required or
permitted  by law to be  otherwise  signed and  executed  and  except  where the
signing and  execution  thereof  shall be  expressly  delegated  by the Board of
Directors to some other officer or agent of the Corporation.
 
                              THE VICE PRESIDENTS
 
 
     Section 9. In the absence of the President or in the event of his inability
or  refusal to act,  subject to the  authority  of the Board of  Directors,  the
Vice-President  (or in the  event  there be more  than one  Vice-President,  the
Vice-Presidents  in the order designated by the directors,  or in the absence of
any  designation,  then in the order of their election) shall perform the duties
of the  President,  and when so  acting,  shall  have all the  powers  of and be
subject to all the restrictions upon the President.  The  Vice-Presidents  shall
perform  such other  duties and have such other powers as the Board of Directors
may from time to time prescribe.
 
                      THE SECRETARY AND ASSISTANT SECRETARY
 
     Section  10.  The  Secretary  shall  attend  all  meetings  of the Board of
Directors and all meetings of the stockholders and record all the proceedings of
the  meetings of the  Corporation  and of the Board of Directors in a book to be
kept for that purpose and shall perform like duties for the standing  committees
when  required.  The Secretary  shall give, or cause to be given,  notice of all
meetings of the stockholders and special meetings of the Board of Directors, and
shall  perform such other duties as may be  prescribed by the Board of Directors
or President,  under whose  supervision  the  Secretary  shall be. The Secretary
shall  have  custody of the  corporate  seal of the  Corporation  and shall have
authority to affix the same to any instrument  requiring it and when so affixed,
it may be attested by his or her  signature or by the  signature of an Assistant
Secretary.  The  Board of  Directors  may give  general  authority  to any other
officer to affix the seal of the  Corporation  and to attest the affixing by his
or her signature.  
 
     Section  11. The  Assistant  Secretary,  or if there be more than one,  the
assistant  secretaries in the order  determined by the Board of Directors (or if
there be no such  determination,  then in the order of their election) shall, in
the absence of the  Secretary or in the event of his or her inability or refusal
to act,  perform the duties and exercise the powers of the  Secretary  and shall
perform  such other  duties and have such other powers as the Board of Directors
may from time to time prescribe.
 
                     THE TREASURER AND ASSISTANT TREASURERS
 
     Section 12. The Treasurer shall have the custody of the corporate funds and
securities   and  shall  keep  full  and  accurate   accounts  of  receipts  and
disbursements in books belonging to the Corporation and shall deposit all moneys
and other valuable  effects in the name and to the credit of the  Corporation in
such  depositories  as may be designated by the Board of Directors.
 
     Section 13. The Treasurer  shall  disburse the funds of the  Corporation as
may be  ordered  by the Board of  Directors,  taking  proper  vouchers  for such
disbursements,  and shall render to the President and the Board of Directors, at
its regular meetings,  or when the Board of Directors so requires, an account of
all his or her  transactions as Treasurer and of the financial  condition of the
Corporation.  
 
     Section 14. If required by the Board of Directors, the Treasurer shall give
the  Corporation a bond (which shall be renewed every six years) in such sum and
with such surety or sureties as shall be  satisfactory to the Board of Directors
for the  faithful  performance  of the  duties or his or her  office and for the
restoration to the Corporation, in case of his death, resignation, retirement or
removal from office, of all books, papers, vouchers, money and other property of
whatever kind in his or her possession or under his or her control  belonging to
the Corporation.  
 
     Section 15. The  Assistant  Treasurer,  or if there shall be more than one,
the Assistant  Treasurers in the order  determined by the Board of Directors (or
if there be no such  determination,  then in the order of their election) shall,
in the  absence  of the  Treasurer  or in the event of his or her  inability  or
refusal to act,  perform the duties and exercise the powers of the Treasurer and
shall  perform  such other  duties  and have such  other  powers as the Board of
Directors may from time to time prescribe.  
 
                                   ARTICLE VI
                            CERTIFICATES FOR SHARES
 
     Section  1.  The  shares  of the  Corporation  shall  be  represented  by a
certificate or shall be  uncertificated.  Certificates shall be signed by, or in
the name of the  Corporation by, the Chairman or  Vice-Chairman  of the Board of
Directors,  or the  President or a  Vice-President,  and by the  Treasurer or an
Assistant  Treasurer,  or  the  Secretary  or  an  Assistant  Secretary  of  the
Corporation. Upon the face or back of each stock certificate issued to represent
any partly paid shares,  or upon the books and records of the Corporation in the
case of uncertificated  partly paid shares,  shall be set forth the total amount
of the  consideration  to be paid  therefor and the amount paid thereon shall be
stated.  If the Corporation  shall be authorized to issue more than one class of
stock  or  more  than  one  series  of  any  class,  the  powers,  designations,
preferences  and relative,  participating,  optional or other special  rights of
each class of stock or series  thereof  and the  qualification,  limitations  or
restrictions  of such  preferences  and/or  rights shall be set forth in full or
summarized on the face or back of the certificate  which the  Corporation  shall
issue to  represent  such  class or series of stock,  provided  that,  except as
otherwise  provided  in  Section  202 of  the  GCL,  in  lieu  of the  foregoing
requirements,  there  may be set  forth on the  face or back of the  certificate
which the Corporation  shall issue to represent such class or series or stock, a
statement that the Corporation  will furnish without charge to each  Stockholder
who  so  requests   the  powers,   designations,   preferences   and   relative,
participating, optional or other special rights of each class of stock or series
thereof and the  qualifications  limitations or restrictions of such preferences
and/or  rights.  Within a  reasonable  time after the  issuance  or  transfer of
uncertificated stock, the Corporation shall send to the registered owner thereof
a written notice  containing the information  required to be set forth or stated
on certificates  pursuant to Sections 151, 156, 202(a) or 218(a) of the GCL or a
statement that the Corporation  will furnish without charge to each  stockholder
who  so   requests   the  powers,   designations,   preferences   and   relative
participating, optional or other special rights of each class of stock or series
thereof and the qualifications,  limitations or restrictions of such preferences
and/or rights.  
 
     Section 2. Any of or all the signatures on a certificate  may be facsimile.
In case  any  officer,  transfer  agent or  registrar  who has  signed  or whose
facsimile  signature has been placed upon a certificate  shall have ceased to be
such officer,  transfer agent or registrar before such certificate is issued, it
may be  issued  by the  Corporation  with the  same  effect  as if he were  such
officer,  transfer agent or registrar at the date of issues.
 
                               LOST CERTIFICATES
 
     Section  3.  The  Board  of  Directors  may  direct  a new  certificate  or
certificates or  uncertificated  shares to be issued in place of any certificate
or certificates theretofore issued by the Corporation alleged to have been lost,
stolen or destroyed,  upon the making of an affidavit of that fact by the person
claiming  this  certificate  of stock  to be lost,  stolen  or  destroyed.  When
authorizing  such issue of a new certificate or  certificates or  uncertificated
shares,  the  Board of  Directors  may,  in its  discretion  and as a  condition
precedent to the  issuance  thereof,  require the owner of such lost,  stolen or
destroyed certificate or certificates, or his legal representative, to advertise
the same in such manner as it shall  require  and/or to give the  Corporation  a
bond in such sum as it may  direct as  indemnity  against  any claim that may be
made against the  Corporation  with respect to the  certificate  alleged to have
been lost,  stolen or destroyed.  
 
                               TRANSFER OF STOCK
 
     Section 4. Upon  surrender to the  Corporation or the transfer agent of the
Corporation  of a certificate  for shares duly endorsed or accompanied by proper
evidence of succession,  assignation  or authority to transfer,  it shall be the
duty of the  Corporation  to  issue a new  certificate  to the  person  entitled
thereto,  cancel the old certificate and record the transaction  upon its books.
Upon  receipt  of proper  transfer  instructions  from tho  registered  owner of
uncertificated shares such uncertificated shares shall be cancelled and issuance
of new equivalent  uncertificated shares or certificated shares shall be made to
the person entitled thereto and the transaction shall be recorded upon the books
of the Corporation.
 
                               FIXING RECORD DATE
 
     Section 5. In order that the  Corporation  may determine  the  stockholders
entitled  to  notice  of or to  vote  at  any  meeting  of  stockholders  or any
adjournment  thereof,  or to  express  consent  to  corporate  action in writing
without a meeting,  or  entitled  to receive  payment of any  dividend  or other
distribution  or allotment of any rights,  or entitled to exercise any rights in
respect of any change, conversion or exchange of stock or for the purpose of any
other lawful action,  the Board of Directors may fix, in advance, a record date,
which  shall not be more than  sixty nor less than ten days  before  the date of
such  meeting,   nor  more  than  sixty  days  prior  to  any  other  action.  A
determination  of  stockholders  of record entitled to notice of or to vote at a
meeting of stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board of Directors may fix a new record date for the adjourned
meeting. 
 
                            REGISTERED STOCKHOLDERS
 
     Section 6. The  Corporation  shall be entitled to recognize  the  exclusive
right of a person registered on its books owner or shares to receive  dividends,
and to vote as such owner, and to hold liable for calls and assessments a person
registered  on its  books as the  owner of  shares,  and  shall  not be bound to
recognize any equitable or other claim to or interest in such share or shares on
the part of any other  person,  whether  or not it shall  have  express or other
notice  thereof  except as  otherwise  provided by the GCL.
 
                                  ARTICLE VII
                          GENERAL PROVISIONS DIVIDENDS
 
     Section 1. Dividends upon the capital stock of the Corporation,  subject to
the provisions of the Certificate of  Incorporation,  if any, may be declared by
the Board of  Directors  at any  regular or special  meeting,  pursuant  to law.
Dividends may be paid in cash, in property,  or in shares of the capital  stock,
subject to the provisions of the Certificate of Incorporation.
 
     Section 2. Before  payment of any  dividend,  there may be set aside out of
any funds of the  Corporation  available for  dividends  such sum or sums as the
directors  from time to time, in their  absolute  discretion,  think proper as a
reserve or reserves to meet contingencies,  or for equalizing dividends,  or for
repairing  or  maintaining  any property of the  Corporation,  or for such other
purpose  as  the  directors  shall  think  conducive  to  the  interest  of  the
Corporation,  and the  directors  may modify or abolish any such  reserve in the
manner  in  which it was  created.  
 
                                ANNUAL STATEMENT
 
     Section 3. The Board of Directors shall present at each annual meeting, and
at any  special  meeting  of the  stockholders  when  called  for by vote of the
stockholders,  a full and clear  statement of the business and  condition of the
Corporation.  
 
                                     CHECKS
 
     Section  4. All checks or  demands  for money and notes of the  Corporation
shall be signed by such  officer or officers or such other  person or persons as
the Board of Directors may from time to time  designate.
 
                                  FISCAL YEAR
 
     Section 5. The fiscal year of the Corporation  shall be fixed by resolution
of the Board of  Directors.  
 
                                      SEAL
 
     Section 6. The corporate seal shall have inscribed  thereon the name of the
Corporation,  the  year of its  organization  and  the  words  "Corporate  Seal,
Delaware".  The seal may be used by  causing  it or a  facsimile  thereof  to be
impressed or affixed or reproduced or otherwise.  
 
                                INDEMNIFICATION
 
     Section  7.  The  Corporation  shall  indemnify  its  officers,  directors,
employees and agents to the fullest  extent  permitted by the GCL.
 
                                  ARTICLE VIII
                                   AMENDMENTS
 
     Section 1. These By-Laws may be altered, amended or repealed or new By-Laws
may be adopted by the stockholders or by the Board of Directors, when such power
is conferred upon the Board of Directors by the Certificate of Incorporation, at
any regular  meeting of the  stockholders or of the Board of Directors or at any
special  meeting of the  stockholders  or of the Board of Directors if notice of
such  alteration,  amendment,  repeal or adoption of new By-Laws be contained in
the notice of such meeting.  If the power to adopt,  amend or repeal  By-Laws is
conferred  upon the Board of Directors by the  Certificate of  Incorporation  it
shall  not  divest or limit the  power of the  stockholders  to adopt,  amend or
repeal By-Laws.  Notwithstanding the foregoing, the Board of Directors shall not
have the authority to repeal Sections 1 or 2 of Article III of these By-Laws.
 
 
<PAGE>
 
 
 
 
                          AGREEMENT AND PLAN OF MERGER
 
 
 
     AGREEMENT  AND  PLAN OF  MERGER,  dated as of May ,  1998,  by and  between
Bradley  Pharmaceuticals,  Inc.,  a Delaware  corporation  ("Bradley-Del.")  and
Bradley Pharmaceuticals, Inc., a New Jersey corporation and the sole shareholder
of  Bradley-Del.  ("Bradley-NJ").  WHEREAS,  the  Board  of  Directors  and  the
shareholders  of each of  Bradley-Del.  and  Bradley-NJ  have each  approved the
merger of  Bradley-Del.  with and into Bradley-NJ in accordance with the General
Corporation Law of the State of Delaware (the "GCL") and the New Jersey Business
Corporation  Act (the "NJBCA") upon the terms and subject to the  conditions set
forth herein. NOW,  THEREFORE,  in consideration of the foregoing and the mutual
covenants and  agreements  herein  contained,  and intending to be legally bound
hereby, Bradley-Del. and Bradley-NJ hereby agree as follows:
 
 
     1. The Merger. Upon the terms and conditions hereof, and in accordance with
the GCL and the NJBCA,  at the  Effective  Time (as defined  below),  Bradley-NJ
shall be merged (the "Merger") with and into Bradley-Del.
 
     2. Effective  Time. As soon as practicable  following the execution  hereof
Bradley-NJ and Bradley-Del.  shall file with the Secretary of State of the State
of Delaware a certificate  of ownership and merger  executed in accordance  with
the relevant  provisions of the GCL, and Bradley-Del.  and Bradley-NJ shall file
with the Secretary of State of the State of New Jersey a  certificate  of merger
executed in accordance  with the relevant  provisions  of the NJBCA.  The Merger
shall become effective at the time each such filing is completed (the "Effective
Time"). 
 
     3.  Effects of the Merger.  The Merger  shall have the effects set forth in
the GCL and the NJBCA. Without limiting the generality of the foregoing,  at the
Effective  Time:  (a) the separate  existence  of  Bradley-NJ  shall cease;  (b)
Bradley-Del as the surviving  corporation  (the "Surviving  Corporation")  shall
possess  all  of  the  rights,  privileges,  powers,  immunities,  purposes  and
franchises, both public and private, of each of Bradley-NJ and Bradley-Del.; (c)
all real and  personal  property,  tangible  and  intangible  of every  kind and
description  belonging to  Bradley-NJ  and  Bradley-Del.  shall be vested in the
Surviving  Corporation  without  further act or deed,  and the title to any real
estate or any interest therein vested in either Bradley-NJ or Bradley-Del. shall
not  revert  or in any way be  impaired  by reason  of the  Merger;  and (d) the
Surviving  Corporation  shall  assume  all the  obligations  of  Bradley-NJ.  
 
     4.   Certificate  of   Incorporation   and  Bylaws.   The   Certificate  of
Incorporation   and  Bylaws  of   Bradley-Del.   shall  be  the  Certificate  of
Incorporation  and  Bylaws  of the  Surviving  Corporation.  
 
     5.  Directors.  The directors of Bradley-NJ at the Effective  Time shall be
the initial directors of the Surviving Corporation, until their successors shall
have been duly elected or appointed and qualified.  
 
     6. Officers.  The officers of Bradley-NJ at the Effective Time shall be the
initial officers of the Surviving Corporation, until their successors shall have
been duly appointed. 
 
     7. Conversion of Stock of Bradley-Del. and Bradley-NJ. 
 
          (a) At the Effective  Time, each share of Class A common stock, no par
     value,  of Bradley-NJ  (the  "Bradley-NJ  Class A Common Stock") issued and
     outstanding immediately prior to the Effective Time shall, by virtue of the
     Merger  and  without  any  action  on the part of the  holder  thereof,  be
     converted into and become one fully paid and nonassessable share of Class A
     common stock, par value $.01 per share, of Bradley-Del.  (the "Bradley-Del.
     Class A Common Stock").  At the Effective Time, each share of the Stock, no
     par  value of  Bradley-NJ  (the  "Bradley-NJ  Class B  Stock")  issued  and
     outstanding immediately prior to the Effective Time shall, by virtue of the
     Merger and without any action on the part of holder  thereof,  be converted
     into and become one fully  paid and  nonassessable  share of Class B Common
     Stock, par value $.01 per share, of Bradley-Del. (the "Bradley-Del. Class B
     Stock"). Upon the surrender to Bradley-Del.  of any certificates evidencing
     shares  of  Bradley-NJ  Class A Stock  or  Bradley-NJ  Class B Stock by any
     holder thereof,  Bradley-Del.  agrees to issue to such holder  certificates
     evidencing  an equal  number  of shares  of  Bradley-Del.  Class A Stock or
     Bradley-Del.  Class B Stock,  as the case may be. 
 
          (b) Each share of capital stock of Bradley-Del. issued and outstanding
     immediately  prior to the Effective Time shall, by virtue of the Merger and
     without  any action on the part of the holder  thereof,  be  cancelled  and
     retired and cease to exist. 
 
     8. Warrants and Options.  At the Effective Time, any warrants or options to
purchase  shares of Bradley-NJ  Class A Stock or  Bradley-NJ  Class B Stock (the
"Rights")  issued by Bradley-NJ and  outstanding at the Effective Time shall, by
virtue of the Merger and  without  any action on the part of the  holders of the
Rights,  be converted  into and become  warrants or options,  as the case may be
(the "New Rights") to purchase an equal number of shares of Bradley-Del. Class A
Stock or Bradley-Del.  Class B Stock, as the case may be, upon substantially the
same terms and  conditions  as the Rights and any other  rights and  obligations
contained in the  certificates  evidencing  the Rights shall be deemed to be and
shall become the rights and obligations of  Bradley-Del.  At the Effective Time,
by its signature below,  Bradley-Del.  assumes  absolutely,  unconditionally and
irrevocably the obligations of Bradley-NJ under the certificates  evidencing the
Rights.  At the  Effective  Time,  Bradley-Del.  agrees to reserve for  issuance
shares of  Bradley-Del.  Class A Stock and  Bradley-Del.  Class B Stock equal in
number to the number of shares of Bradley-NJ  Class A Stock and Bradley-NJ Class
B Stock  for  which the New  Rights  may be  exercised.  Upon the  surrender  to
Bradley-Del.  of any  certificate  evidencing  Rights by any  holder of  Rights,
Bradley-Del.  agrees to issue to any such holder a  certificate  evidencing  New
Rights to  purchase  that  number of  shares  of  Bradley-Del.  Class A Stock or
Bradley-Del. Class B Stock, as the case may be, equal to the number of shares of
Bradley-NJ  Class A Stock or  Bradley-NJ  Class B Stock for which the  Rights so
surrendered  were  exercisable.  
 
     9. Other  Actions.  From and after the Effective  Time,  the parties hereto
shall take such other and further actions,  in addition to the filings described
in  paragraph  1, as may be  required by law to make the Merger  effective.
 
     10.  Governing Law. This Agreement  shall be governed by, and construed and
interpreted in accordance with, the laws of the State of Delaware, regardless of
the laws that might otherwise govern under applicable principles of conflicts of
laws; provided,  however,  that the consummation and effectiveness of the Merger
shall be governed by and construed in  accordance  with the laws of the State of
Delaware and the laws of the State of New Jersey. 
 
     11. Descriptive Headings.  The descriptive headings herein are inserted for
convenience  of  reference  only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement.  
 
     12.  Parties in Interest.  This  Agreement  shall be binding upon and inure
solely to the  benefit  of each party  hereto,  and  nothing in this  Agreement,
express or implied,  is intended  to or shall  confer upon any other  person any
rights, benefits or remedies of any nature whatsoever under or by reason of this
Agreement  except for  Sections  4, 7, and 8 (which are  intended  to be for the
benefit  of the  persons  referred  to  therein,  and  may be  enforced  by such
persons).  
 
     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed on its behalf by its duly authorized officers, all as of the day and
year first above written.
 
                         BRADLEY PHARMACEUTICALS, INC.,
                            a New Jersey Corporation
 
 
                     By:____________________________________
                           DANIEL GLASSMAN, President
 
 
                         BRADLEY PHARMACEUTICALS, INC.,
                         a Delaware corporation
 
 
                     By:____________________________________
                           DANIEL GLASSMAN, President