Atlantic Technology Ventures, Inc. Receives $2 Million in Private Placement.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 6, 2001

Atlantic Technology Ventures, Inc. (OTC: ALTC.OB) has received approximately $2 million through a private placement of its common stock.

The proceeds will be used for working capital and general corporate purposes. Joseph Stevens & Company, Inc., Atlantic's underwriter for its initial public offering in October 1995, acted as placement agent for the transaction. Atlantic has filed a Current Report on Form 8-K with the U.S. Securities & Exchange Commission disclosing the transaction in detail.

In related news, Atlantic also announced today that it has recently received $100,000 under its common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago-based institutional investor. The purchase price of the shares sold to Fusion Capital was based upon the market price of Atlantic's common stock at the time of the sale without any fixed discount. Atlantic intends to periodically evaluate market conditions and its capital needs in order to determine when it will sell additional shares to Fusion Capital under its agreement.

Commenting on Atlantic's access to additional capital, Frederic P. Zotos, President and CEO of Atlantic said, "We are very pleased that both the investors in the private placement and Fusion Capital continue to see the same upside potential that we believe is inherent in the Catarex(TM) surgical device and CT-3 synthetic cannabinoid derivative." Mr. Zotos elaborated, saying "We anticipate this financing will fund development of CT-3's Phase II clinical trials for both neuropathic pain relief and multiple sclerosis-associated tremors and spasticity, and will fund our operating expenses while Bausch & Lomb (NYSE: BOL) proceeds with the FDA 510(k) approval process for the Catarex(TM) surgical device."

The Catarex(TM) Surgical Device

The Catarex(TM) surgical device permits removal of the lens nucleus and cortex in a single step through a small incision in the eye while leaving the lens capsule intact. The Catarex(TM) device is being developed by Bausch & Lomb Incorporated for Atlantic's 80% owned subsidiary Optex Opthalmologics, Inc. Bausch & Lomb has informed Atlantic that it plans to submit an Investigational Device Exemption (IDE) to the United States Food and Drug Administration (FDA) in 2001, conduct clinical trials in early 2002 and thereafter submit a 510(k) application to the FDA for approval.

The CT-3 Synthetic Cannabinoid Derivative

CT-3, also identified as Ajulemic Acid, is a non-psychoactive synthetic derivative of a metabolite of tertrahydrocannabinol (THC). Pre-clinical studies have shown that CT-3 demonstrates analgesic/anti-inflammatory properties at microgram doses without central nervous system or gastrointestinal side effects and also reduces joint damage caused by rheumatoid arthritis. Recent animal studies show that CT-3 intraperitoneally dramatically reduces allodynia in neuropathic rats (with a partial sciatic nerve ligation), and rapidly induces long-lived and significant spasticity decreases in rats with multiple sclerosis at a dose level achievable in humans.

About Atlantic Technology Ventures, Inc.

Atlantic is engaged in the development of biomedical and pharmaceutical products and related technologies. Atlantic's strategy is to identify nascent medical products and technologies that have the potential to address unmet market needs, rapidly develop these through a definitive proof-of-principle, then license or sell them to realize significant revenue. Atlantic currently has investments in Catarex(TM), a device for cataract removal; and CT-3, a synthetic cannabinoid for treating pain and inflammation.

About Joseph Stevens & Company, Inc.

Joseph Stevens & Company, Inc. is an investment banking firm founded in 1993 and based in New York, New York. The firm specializes in identifying emerging companies with innovative ideas, unique technology and considerable upside potential. Joseph Stevens offers IPO, M&A and Private Placement services, and adopts a long-term perspective that continues to support companies through every stage of their potential expansion to help them grow into powerful and profitable businesses.

About Fusion Capital

Fusion Capital Fund II, LLC is a broad-based investment fund, based in Chicago, Illinois. Fusion Capital makes a wide range of investments ranging from special situation financing to long-term strategic capital.

Safe Harbor Statement

Cautionary statement under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: This press release contains certain forward-looking statements that relate to future scientific, business and financial performance. These statements are only predictions and are subject to a number of risks and uncertainties that may cause the actual events or results to differ from those discussed or implied in these statements. These risks and uncertainties include competition from other manufacturers of related technologies, the unavailability of any necessary intellectual property rights possessed by third parties, and certain of those risks described in Atlantic's most recent report on Form 10-KSB with the Securities and Exchange Commission.