American Biophysics Corporation Secures $70 Million in New Financing.

Business Editors

NORTH KINGSTON, R.I.--(BUSINESS WIRE)--Feb. 19, 2004

Maker of Mosquito Magnet(R) to Use Funding For

Increased Growth and Expansion

American Biophysics Corp., a pioneer in mosquito abatement technology and the manufacturer of the Mosquito Magnet(R) insect traps, today announced it has secured $70 million in new financing.

The Company has secured $35 million in private equity financing from a group of investors led by DLJ Growth Capital Partners, L.P., an affiliate of Credit Suisse First Boston (CSFB), as well as a new $35-million credit facility from Fleet Capital. The capital will be used to fund the Company's continued rapid growth and expansion.

"This infusion of capital is a watershed event for our company that will enable us to accelerate our already aggressive growth plans," said Raymond Iannetta, President and Chief Executive Officer of American Biophysics Corp. "We are pleased with the confidence our new investors have shown in our ability to develop innovative products, bring them to market and drive increased sales and profit. We are also pleased with our new financing arrangement with Fleet Capital."

American Biophysics Corp. topped Inc. magazine's 2003 list of fastest-growing privately-held companies in the United States. Revenues grew 25,615 percent over the five-year span covered by the magazine, reaching $54.6 million in 2002.

"We are excited about the opportunity to partner with a very dynamic company and help support its plans for continued exponential growth," said Edward Johnson, a senior Principal with CSFB's middle-market private equity fund DLJ Growth Capital Partners, L.P.

Fleet Capital President and CEO James G. Connolly said, "By understanding American Biophysics' business, we were able to structure a loan that maximized the Company's borrowing power. The new facility should give the Company a stable financial platform from which it can leverage its market leadership position and pursue growth opportunities."

Iannetta said the financing will enable the Company to expand its market presence, "We see tremendous opportunities for growth and expansion, and we believe we are well-positioned to build upon our success," he said.

Mosquito Magnet traps work by catalytically converting propane gas into carbon dioxide, heat and humidity to mimic the breath of a large mammal. Using the patented Counterflow(TM) technology, the only proven method for catching insects, the trap emits a carbon dioxide plume within a defined area to attract blood-seeking insects such as mosquitoes, no-see-ums and black flies. As the insects approach the trap, they are vacuumed inside into a net where they dehydrate and die.

About American Biophysics Corp.

Founded in 1991, American Biophysics Corp. is a scientific, research-based company that studies the behavior of biting insects and manufactures biting insect abatement traps for consumer, commercial and government applications. The company was first-to-market with a carbon dioxide-based biting insect abatement trap for commercial use in 1998 and continues to be the leader in biting insect technology. The Company manufactures and markets a line of traps under the names Pro, Liberty and Defender. The Company plans to introduce four new mosquito traps in 2004.

About Credit Suisse First Boston

Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 34 countries across five continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company.

About Fleet Capital

Fleet Capital Corporation, which has 23 offices located throughout the United States, provides asset-based loans and a broad array of capital markets products to middle-market companies in North America and their foreign subsidiaries. It also provides access to cash management, foreign exchange and derivative products and services. Fleet Capital is part of FleetBoston Financial (NYSE & BSE:FBF), a diversified financial services company with assets of $196 billion. The company offers an array of financial solutions to over 18 million individual, corporate and institutional customers. Visit www.fleetcapital.com/pr for more information about Fleet Capital.