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Exhibit 99.1
BioSphere Medical, Inc. Completes Approximately $13 Million Private Placement
Capital Intended to be Used in Advancing Worldwide Commercialization Strategy
for Embosphere(R)Microspheres
ROCKLAND, Mass.--(BUSINESS WIRE)--July 31, 2000-- BioSphere Medical, Inc.
(Nasdaq:BSMD - news), a medical device company that is pioneering the use of
bioengineered microspheres to treat tumors and vascular malformations by
occluding their blood supply, announced today that it has completed a private
placement of its Common Stock to selected institutional and accredited
investors, for aggregate proceeds of approximately $13 million. The Company
intends to use the proceeds to fund working capital needs and operating
expenses.
Stated John Carnuccio, president and chief executive officer, "We have
accomplished yet another major milestone with this financing, after having
completed several key regulatory and product commercialization achievements for
Embosphere(R) Microspheres during the past several months. We are proud to have
added a number of highly regarded financial institutions as investors."
"We intend to use this additional capital to help build our direct sales team,
enhance our marketing programs, expand clinical studies worldwide, and
accelerate new product development and other strategic research and development
initiatives. We believe that, along with this new financing, BioSphere Medical
is well positioned to capitalize on opportunities in the growing embolotherapy
market," concluded Carnuccio.
The Common Stock sold has not been registered under the Securities Act of 1933,
as amended, and may not be offered or sold in the United States, except pursuant
to the registration requirements of the Securities Act of 1933, as amended, or
an applicable exemption from the Securities Act regulation requirements.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the Common Stock. This press release is being issued pursuant to
and in accordance with Rule 135c under the Securities Act.
About BioSphere Medical
BioSphere Medical, Inc., based in Rockland, Massachusetts, is a medical device
company focused on embolotherapy, the treatment of tumors and vascular
malformations by occluding blood flow. The Company is pioneering the use of
patented and proprietary bioengineered microspheres as a new class of embolics.
This press release contains forward-looking statements that involve risks and
uncertainties, including those relating to the future sale of the Company's
products and the long-term growth of the Company. Among the important factors
that could cause actual events to differ materially from those indicated by
forward-looking statements in this release are the failure of the Company to
achieve or maintain necessary regulatory approvals, either in the United States
or internationally, with respect to the manufacture and sale of its products; to
successfully develop and commercialize the Embosphere(R) Microspheres and
HepaSphere SAP(TM) Microsphere technologies for uterine artery embolization,
targeted liver embolization and other applications; to provide patent and other
proprietary protection for the Company's products; the absence of or delays and
cancellations of, product orders; the delay in the introduction of new products;
competitive pressures; the inability of the Company to raise additional funds,
if needed, to finance the development, marketing, and sales of its products;
general economic conditions; as well as those risk factors detailed in the
Company's Annual Report on form 10-K for the year ended December 31, 1999 and
other periodic reports filed by the Company with the Securities and Exchange
Commission.
Contact:
BioSphere Medical, Inc.
Robert Palladino
781-681-7900
