Arbios Systems Commences Trading of its Common Stock on OTC Bulletin Board.

Business Editors/Health/Medical Writers

LOS ANGELES--(BUSINESS WIRE)--March 22, 2004

Arbios Systems, Inc. (trading symbol "ABOS"), an early-stage biomedical device company engaged in the discovery, acquisition and development of proprietary liver assist devices and new technologies useful in the diagnosis and treatment of acute liver failure, announced today that its shares of common stock are now available for trading on the OTC Bulletin Board. The Company's common stock had been trading under the same trading symbol on the Pink Sheets since its acquisition in October 2003 of its current business. Concurrent with the acquisition in October 2003 the Company was funded with $4.4 million from a private placement of common stock and warrants.

Arbios' two lead products include SEPET(TM), a novel blood purification therapy employing selective plasma exchange and an innovative bioartificial liver ("BAL") device, LIVERAID(TM). The total U.S. market opportunity for extracorporeal liver support is substantial and is not presently being served. According to the American Liver Foundation and the National Center for Health Statistics, liver failure is the 7th leading cause of death in the U.S. In 2001, nearly 700,000 Americans were diagnosed with liver disease and over 250,000 liver patients were hospitalized due to acute liver failure. Of those, more than 40,000 died because a donor liver was not available or because these patients had contraindications to liver transplantation. The Company's liver assist devices are being developed to meet the urgent need for therapy that facilitates recovery from liver failure.

This press release may contain forward-looking statements, that involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. These risks include the need for subsequent substantial additional financing to fund the clinical development of its products and the company's ability to successfully develop and market its products and technologies. These statements represent the judgment of the Company's management as of this date The Company does not undertake any obligation to publicly release the result of any revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

SEPET and LIVERAID are trademarks of Arbios Technologies, Inc., the Company's wholly-owned subsidiary.