Bio-Plexus Announces Q1 Results Reports 20% Increase Product Revenue.

Business Editors and Health/Medical Writers

VERNON, Conn.--(BW HealthWire)--May 15, 2000

Bio-Plexus, Inc. today reported financial results for the first quarter ended March 31, 2000. The Company reported that the first quarter was highlighted by an increase in product revenue of 20% over the same period in 1999.

Product revenue was $1,408,000 for the quarter, compared with $1,169,000 for the same period a year ago. "This increase is continued proof of the shift in the needle market toward safety," said John Metz, president and CEO. "Ten states have already passed safety needle legislation, and two more are awaiting the governor's signature. In addition, 186 members of Congress have pledged their support to federal safety needle legislation, and federal OSHA's compliance directive mandating the use of safety needles in healthcare facilities nationwide are working together to produce the shift," he added.

Total revenues for the quarter ended March 31 were $1,542,000 as compared to $2,314,000 in the prior year. The decrease in total revenue is attributable to the completion of Bio-Plexus' role in the design and development phases of the I.V. catheter joint development project with Johnson & Johnson Medical, Inc. (NYSE: JNJ) and the Teleflex Medical (NYSE: TFX) joint venture for the PICC introducer. "Both Johnson & Johnson and Teleflex - the number one market share leaders in each of these product categories -- chose to license Punctur-Guard technology. That is significant," Metz added.

Additionally, product cost decreased to $748,000 for the period from $830,000 in the first quarter of 1999. "It is important to note that this reduction in product cost was concurrent with increased product sales," Metz added.

The company incurred a net loss for the quarter of $2,839,000 or $0.20 per share on 14,213,151 shares compared with a net profit of $3,000 or $0.00 per share on 13,289,361 shares for the same period a year ago. Contributing to the overall net loss for the period were financing expenses of $1,707,000 for the period as compared to $56,000 for the first quarter of 1999. These expenses were associated with financing transactions entered into by the Company. The expenses represent the amortization of warrants issued in connection with the 6% convertible debenture financing beginning in the second quarter of 1999 and the bridge loan financing in the first quarter of 2000.

"We believe the increase in sales of medical devices represents the shift in the market toward safety," Metz continued. "We will continue to focus on sales and marketing, launching new products, and developing additional applications for our technology. Punctur-Guard internal blunting technology is unique in that it is made safe while still inside the patient. We are aware of no other needle device which can make this claim. We have significantly increased our sales staff, and we are committed to penetrating the market with our leading edge internal blunting technology -- through increased sales presence, strategic partnerships and new product launches. We are positioning Bio-Plexus and Punctur-Guard to capitalize on this unprecedented market opportunity," Metz concluded.

Bio-Plexus, Inc. (NASDAQ: BPLX), designs, develops, manufactures and holds U.S. and international patents on safety medical needles and other products under the PUNCTUR-GUARD(R), DROP-IT(R), and PUNCTUR-GUARD REVOLUTION(TM) brand names. In studies by the Centers for Disease Control (MMWR, January 1997) and ECRI (Health Devices, June 1998 and October 1999) PUNCTUR-GUARD(R) needles ranked highest of all devices studied. Accidental needlesticks number about one million per year in the United States and can result in the transmission of deadly diseases including HIV and Hepatitis B and C.

NOTE: THIS PRESS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS AS DEFINED UNDER FEDERAL SECURITIES LAWS, AS AMENDED. FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF SUCH TERMINOLOGY AS "BELIEVES," "EXPECTS," "MAY," "WILL," "SHOULD," "ANTICIPATES" OR DERIVATIONS OR NEGATIVES THEREOF OR COMPARABLE TERMINOLOGY, OR DISCUSSIONS OF STRATEGY THAT INVOLVES RISKS AND UNCERTAINTIES. THE COMPANY'S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF, AMONG OTHER FACTORS, GENERAL ECONOMIC CONDITIONS AND GROWTH IN THE SAFETY MEDICAL PRODUCTS INDUSTRY, COMPETITIVE FACTORS AND PRICING PRESSURES, CHANGES IN PRODUCT MIX, PRODUCT DEMAND, RISK OF DEPENDENCE ON THIRD PARTY SUPPLIERS AND FINANCIERS, ABILITY TO OBTAIN FINANCING, AS WELL AS OTHER FACTORS DESCRIBED FROM TIME TO TIME IN THE COMPANY'S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION OR DISCUSSED IN OTHER PRESS RELEASES ISSUED BY THE COMPANY.

                           BIO-PLEXUS, INC.

                       CONDENSED BALANCE SHEETS


                                           March 31,      December 31,
                                             2000             1999

ASSETS
Current assets:
 Cash and cash equivalents               $  1,219,000    $    867,000
 Accounts receivable                          408,000         908,000
 Inventories:
  Raw materials                               469,000         621,000
  Work-in-process                           1,107,000         474,000
  Finished goods                            1,129,000       1,167,000
                                            2,705,000       2,262,000
 Other current assets                         194,000         173,000
  Total current assets                      4,526,000       4,210,000

Fixed assets, net                           4,514,000       4,384,000

Deferred debt financing expenses              768,000         465,000
Patents, net of amortization                  340,000         335,000
Other assets                                  253,000         253,000
                                         $ 10,401,000    $  9,647,000


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
 Current portion of long-term debt       $    716,000    $    899,000
 Note payable                               4,235,000       1,340,000
 Accounts payable and accrued expenses      1,281,000         786,000
 Accrued interest payable                     233,000          55,000
 Accrued vacation                             224,000         202,000
 Other accrued employee costs                 142,000         226,000
  Total current liabilities                 6,831,000       3,508,000

Long-term debt, net                         1,800,000       2,262,000
Redeemable common stock warrants              149,000         149,000
Commitments and contingencies                    --              --

Shareholders' equity:
 Convertible preferred stock,
  no par value, 3,000,000
  authorized, no shares issued
  and outstanding                                --              --
 Common stock, no par value,
  25,000,000 authorized,
  14,389,979 and 14,083,807 shares
  issued and outstanding                   72,565,000      71,833,000
 Accumulated deficit                      (70,944,000)    (68,105,000)
  Total shareholders' equity                1,621,000       3,728,000
                                         $ 10,401,000    $  9,647,000



                       BIO-PLEXUS, INC

              CONDENSED STATEMENTS OF OPERATIONS



                                          Three Months Ended March 31,

                                              2000            1999

Revenue:
 Product                                 $  1,408,000    $  1,169,000
 Services                                      34,000       1,145,000
 Licensing fees                               100,000            --
  Total revenue                             1,542,000       2,314,000

Operating costs and expenses:
 Product                                      748,000         830,000
 Services                                      29,000          17,000
 Research and development                     323,000         304,000
 Selling, general and administrative        1,574,000       1,104,000
  Total operating costs and expenses        2,674,000       2,255,000

Operating (loss) profit                    (1,132,000)         59,000

Financing expenses:
 Amortization of deferred debt financing       61,000           2,000
 Interest expense                           1,682,000          88,000
 Other income                                 (36,000)        (34,000)
  Total financing expenses                  1,707,000          56,000

Net (loss) profit                        $ (2,839,000)   $      3,000

Net loss per share of common stock:
 Basic and diluted                       $      (0.20)   $       0.00

Weighted average common
 shares outstanding:
 Basic                                     14,213,151      13,289,361
 Diluted                                   14,213,151      13,322,396



                           BIO-PLEXUS, INC.

                  CONDENSED STATEMENTS OF CASH FLOWS



                                          Three Months Ended March 31,
                                                2000           1999

Cash Flows from Operating Activities
Net (loss) income                          $(2,839,000)   $     3,000
Adjustments to reconcile net
 loss to cash used by
 operating activities:
  Depreciation and amortization                131,000        143,000
  Amortization of deferred
   debt financing expenses                      61,000          2,000
  Amortization of debt discount              1,444,000          4,000
  Decrease (increase) in assets:
   Accounts receivable                         500,000        202,000
   Inventories                                (443,000)       227,000
   Other current assets                        (21,000)          --
  Increase (decrease) in liabilities:
   Accounts payable and accrued expenses       495,000         26,000
   Accrued interest payable                    178,000        (16,000)
   Accrued vacation and
    other accrued employee costs               (62,000)       (78,000)
   Accrued product replacement costs              --          (80,000)
   Decrease in deferred revenue                   --         (875,000)
  Other                                          7,000         42,000
   Net cash used in operating activities      (549,000)      (400,000)

Cash Flows from Investing Activities
Additions to fixed assets                     (255,000)          --
Long-term investments                             --          627,000
Cost of patents                                (11,000)       (16,000)
   Net cash (used in) provided
    by investing activities                   (266,000)       611,000

Cash Flows from Financing Activities
Proceeds from sale of
 common stock                                     --        1,100,000
Proceeds from exercise of
 common stock options                           83,000           --
Payments of deferred
 financing costs                              (364,000)          --
Increase (Decrease) in
 notes payable                               1,650,000       (250,000)
Repayments of long-term debt                  (202,000)    (1,071,000)
   Net cash provided by
    (used in) financing activities           1,167,000       (221,000)

   Net  increase (decrease) in
    cash and cash equivalents                  352,000        (10,000)
   Cash and cash equivalents,
    beginning of period                        867,000        535,000
   Cash and cash equivalents,
    end of period                          $ 1,219,000    $   525,000

Supplemental cash flow disclosures:
 Cash payments of interest                 $    60,000    $   100,000
 Cash payments of income taxes                    --            3,000
 Surrender of debt upon
  conversion to equity                         642,000           --