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BIOMATRIX TO PRESENT AT THE WARBURG DILLON READ GLOBAL SPECIALTY
PHARMACEUTICALS CONFERENCE
POSITIVE U.S. SYNVISC-Registered Trademark- SALES DATA TO BE HIGHLIGHTED
RIDGEFIELD, N.J., May 23 -- BIOMATRIX, INC. (NYSE: BXM) will be one of the
companies presenting at the Warburg Dillon Read Global Specialty Pharmaceuticals
Conference in New York City today. Highlighted within the company's presentation
to investors will be a discussion of positive U.S. Synvisc-Registered Trademark-
sales data and market trends. Management will also discuss the progress of
Biomatrix' proposed merger with Genzyme that will combine the businesses of
Biomatrix, Genzyme Surgical Products (Nasdaq: GZSP) and Genzyme Tissue Repair
(Nasdaq: GZTR) to form Genzyme Biosurgery, the foremost company in the rapidly
emerging market in which sophisticated biomaterials and biological products are
used to enhance or replace conventional surgical procedures. Genzyme Biosurgery
is expected to be an enterprise with substantial financial resources, a robust
portfolio of products focused on a broader range of markets, a high-value
pipeline, and powerful scientific capabilities.
Representing Biomatrix at the conference will be Rory Riggs, Biomatrix'
president, who stated, "We are extremely pleased that U.S. Synvisc sales during
the first half of the second quarter 2000 have been robust, and remain
encouraged by the continuing positive market trends. U.S. Synvisc sales from
April 1st through May 16th 2000 by our U.S. marketing partner, Wyeth-Ayerst
Laboratories (a division of American Home Products: AHP) exceeded $25 million,
an increase of over 100% compared to their U.S. Synvisc sales for the same time
period during 1999. In addition, these results exceed Wyeth Ayerst's full second
quarter 1999 U.S. Synvisc sales. During first quarter 2000, Wyeth-Ayerst
implemented a direct-to-consumer advertising campaign for Synvisc that included
television advertising in several test markets. The preliminary response to
these promotions was so encouraging that, in the first quarter, Biomatrix
invested an additional $3 million to augment these advertising programs in 16
major U.S. markets with a combination of print and broadcast media. Since
commencement of the program, actual end-user sales and order rates represent the
highest run rates for U.S. Synvisc sales since launch and demonstrate increases
in both overall monthly sales levels and in daily order rates from doctors, the
latter of which increased significantly following the American Academy of
Orthopedic Surgeons in March 2000 and continues to remain strong." Mr. Riggs
added, "The increases in U.S. Synvisc sales by our distribution partner,
Wyeth-Ayerst, are evidence that viscosupplementation with Synvisc continues to
demonstrate strong product growth and increasing acceptance by the U.S. medical
community as an important treatment in relieving the pain associated with
osteoarthritis of the knee."
Mr. Riggs continued with a brief update on the progress of the company's
proposed merger, "In late April, Biomatrix and Genzyme filed a joint proxy
statement/prospectus with the Securities and Exchange Commission (SEC) which
outlines in detail the specifics of the transaction and is currently under
review. Once the review is completed, the proxy materials are expected to be
mailed to shareholders. Soon thereafter, each company is expected to hold a
special meeting of shareholders."
Biomatrix has developed and is manufacturing viscoelastic therapeutics for a
variety of medical applications. Synvisc is marketed in the US, most countries
of the European Economic Area, and certain countries in Latin America and Asia.
Biomatrix has contracts to market Synvisc in over 90 countries through marketing
and distribution agreements with a number of large, multi-national healthcare
companies, and through its wholly-owned subsidiaries. Wyeth-Ayerst Laboratories
has distribution rights and markets Synvisc in the US and certain European and
Middle Eastern countries; Boehringer-Ingelheim in France; F. Hoffmann-La Roche
Ltd. in Sweden and South Africa; Novartis Pharma AG throughout Latin America;
and Bayer AG in Australia, New Zealand and certain countries in Asia.
Hylaform-Registered Trademark- is an injectable viscoelastic hylan gel treatment
for the correction of facial wrinkles and depressed scars. It is marketed in 23
countries by Inamed Corp., (Nasdaq: IMDC), formerly Collagen Aesthetics, Inc.
Gelvisc-Registered Trademark- Vet is an elastoviscous hylan product used in
veterinary medicine for the treatment of arthritis and is distributed by
Boehringer-Ingelheim in France. Biomatrix' Hylashield-Registered Trademark-
products are elastoviscous therapeutics for the protection
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of the surface of the eye from noxious environmental conditions and are
distributed in Canada by I-MED Pharma Inc., and in Europe, Asia and Australia by
Medical Devices Laboratories Europe GmbH (MDLE) under the name i.com-TM- Comfort
Shield. Biomatrix recently announced FDA permission to market
HylaSine-Registered Trademark-, the company's viscoelastic gel device that is
injected during and following sinus surgery. Biomatrix also manufactures
patented elastoviscous intermediates for the skin care industry. Biomatrix,
Inc., headquartered in Ridgefield, New Jersey, is an international biomedical
company that develops, manufactures and commercializes elastoviscous products
made from proprietary biological polymers called hylans which are used in
therapeutic medical applications and in skin care products.
Certain statements in this press release are forward-looking statements that
involve risks and uncertainties including, but not limited to, the regulatory
approval process, obtaining and enforcing patents, reimbursement by private
health care providers, manufacturing capabilities, projected earnings and
financial results, growing product demand, product liability, inventory levels
of our marketing partners, future product development, the mailing of a joint
proxy statement/prospectus and the holding of a special stockholders meeting in
connection with the formation of Genzyme Biosurgery, the completion of the
formation of Genzyme Biosurgery, the creation of a new publicly traded stock for
Genzyme Biosurgery, the future growth and success of Genzyme Biosurgery,
conditions in the financial markets relevant to the proposed creation of Genzyme
Biosurgery, the likelihood of regulatory and other approvals of the transaction,
the operational integration associated with the formation of Genzyme Biosurgery
and other risks generally associated with a transaction of this type, and other
risks detailed in Biomatrix' reports filed under the Securities Exchange Act,
including Forms 10-Q and Biomatrix' annual report on Form 10-K for the year
ended December 31, 1999. For more information on Biomatrix, please visit the
Company's web site at http://www.biomatrix.com.
Investors are urged to read the joint proxy statement/prospectus relating to the
formation of Genzyme Biosurgery filed with the Securities and Exchange
Commission because it contains important information. The joint proxy
statement/prospectus and other documents filed by Biomatrix and Genzyme with the
commission may be obtained free of charge at the commission's web site
(http://www.sec.gov) and from Biomatrix or Genzyme. Requests to Biomatrix may be
directed to Anne Marie Fields, or you can access documents on the company's web
site (http://www.biomatrix.com). Requests to Genzyme may be directed to Sally
Curley, or you can access documents on the company's web site
(http://www.genzyme.com).
NOTE TO EDITORS: Synvisc-Registered Trademark-, Hylaform-Registered Trademark-,
Gelvisc-Registered Trademark- Vet, Hylashield-Registered Trademark- and
HylaSine-Registered Trademark- are registered trademarks of Biomatrix, Inc.
i.com-TM- is a registered trademark of Medical Devices Laboratories Europe GmbH
(MDLE).
