American BioMed Inc. satisfies outstanding notes with United States Surgical Corp.

THE WOODLANDS, Texas--(BUSINESS WIRE)--Sept. 19, 1996--American BioMed Inc. (OTC BB:ABMI), of The Woodlands, Thursday announced it has retired the outstanding notes owed to United States Surgical Corp. (NYSE:USS), in full.

The final installment was paid to USSC on Sept. 18, 1996, as per the agreement the two companies entered into May 9, 1996. Intellectual properties and rights to the company's OmniStent(tm) technology and stent delivery system, used to collateralize the notes, have been fully regained by American BioMed Inc.

The company's President and CEO, Steven B. Rash, stated: "This is a major milestone for the company and represents our commitment to build a solid and reputable company through strong fundamentals. The company is extremely focused in its efforts currently underway in the commercialization of its patented and FDA approved products and towards bringing its additional core technologies to market. The fulfillment of the company's obligation with USSC and the retention of rights to its OmniStent(tm) technology, provides immediate opportunities the company was not privileged to pursue while these technologies were pledged as collateral on the notes with USSC. The company can now aggressively continue its ongoing discussions with companies interested in pursuing marketing and distribution agreements, joint ventures or strategic alliances with American BioMed Inc., without stipulations, which prior to the retirement of these notes may not have been in the best interest of the company."

Oppenheimer & Co.'s medical device analyst John Calcagnini, in discussions held with a company spokesman stated, "The estimated worldwide market for the stent industry should be approximately $1.2-billion in 1996 and expanding to $2-billion by 1998." American BioMed Inc. believes its patented stents will be capable of capturing a significant portion of this rapidly growing market. The dual coil and endless loop design of the stent and the company's patented stent delivery system does not infringe on Johnson & Johnson's (NYSE:JNJ) stents and balloon delivery system, as might competitors' stents.

American BioMed Inc. utilizes state of the art technology to develop, manufacture and market minimally invasive medical, surgical and diagnostic devices which deliver unique advantages through advanced science. Over 25 patents cover its technologies competing in an industry with combined markets estimated at over $10-billion annually. The devices include but are not limited to the OmniCath(r) atherectomy catheter, as well as the company's nine patented FDA approved unique all-silicone balloon catheters. These consist of thermodilution, embolectomy and bi-lumen irrigation, urinary bladder and angioscopy catheters. The OmniStent(tm) and accompanying stent technology is used to support diseased blood vessels. Other devices such as the company's drug delivery catheters, guidewire microfilter and minimally invasive spinal instruments are also under development.

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