Bio-Plexus Reports 1st Quarter Results.

VERNON, Conn.--(BW HealthWire)--May 13, 1999--

Bio-Plexus, Inc. today released earnings for the first quarter ended March 31, 1999. Total revenues for the quarter increased to $2,314,000 from $1,542,000, and net profit was $3,000 compared with a loss of $1,205,000 or $0.10 per share for the same period a year ago.

"Our improved financial condition helps position Bio-Plexus to capitalize on the exciting growth opportunities available today. Bio-Plexus has already proven that it has both elegant and effective safety needle designs with its internal blunting technology, and this should pay dividends as the market converts to safety needle products," said Bio-Plexus President and CEO Richard L. Higgins.

Bio-Plexus, Inc. (NASDAQ:BPLX), is a designer, developer, manufacturer, and marketer of safety medical products and needles under the PUNCTUR-GUARD(R) and DROP-IT(R) brand names. Bio-Plexus holds U.S. and international patents on safety medical devices marketed under the Punctur-Guard and Drop-It brand names. These devices are designed to reduce the incidence of accidental needlesticks among healthcare workers. In a Centers for Disease Control study, Punctur-Guard Blood Collection Needles were found to reduce the rate of accidental needlesticks by 76%, the highest rate of any device studied. Accidental needlesticks number more than 950,000 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 contains forward-looking statements, which are subject to risks and uncertainties. The actual results may differ materially from those described in any such forward-looking statement as a result of 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.

-0-

                           BIO-PLEXUS, INC.
                       CONDENSED BALANCE SHEETS

                                             March 31,    December 31,
                                                 1999            1998

ASSETS
Current assets:
    Cash and cash equivalents            $    525,000    $    535,000
    Accounts receivable                       362,000         564,000
    Inventories:
       Raw materials                          970,000       1,164,000
       Work-in-process                        271,000         470,000
       Finished goods                         556,000         390,000
                                            1,797,000       2,024,000
    Other current assets                      201,000         246,000
       Total current assets                 2,885,000       3,369,000

Investment in Jordan Pharmaceuticals             --           600,000

Fixed assets, net                           4,522,000       4,661,000

Deferred debt financing expenses                8,000          10,000
Patents, net of amortization                  264,000         252,000
Other assets                                  260,000         260,000
                                         $  7,939,000    $  9,152,000


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
    Current portion of long-term debt    $    941,000    $  1,811,000
    Note payable                                 --           250,000
    Accounts payable and accrued expenses     554,000         528,000
    Accrued interest payable                   12,000          28,000
    Accrued vacation                          210,000         196,000
    Other accrued employee costs              121,000         213,000
    Product replacement costs                 142,000         222,000
    Deferred revenue                             --           875,000
       Total current liabilities            1,980,000       4,123,000

Other long-term debt, net                   2,205,000       2,403,000
Redeemable Class A common stock                  --              --
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,
     18,000,000 authorized,
     13,355,448 and 12,793,165
     shares issued and outstanding         66,474,000      65,349,000
    Accumulated deficit                   (62,869,000)    (62,872,000)
       Total shareholders' equity           3,605,000       2,477,000
                                         $  7,939,000    $  9,152,000



                            BIO-PLEXUS, INC
                  CONDENSED STATEMENTS OF OPERATIONS

                                     Three Months Ended March 31,
                                        1999            1998

Revenue:                           $               $
  Product                             1,169,000       1,065,000
  Services                            1,145,000         477,000
       Total revenue                  2,314,000       1,542,000

Costs and expenses:
  Product                               830,000       1,118,000
  Services                               17,000         119,000
  Research and development              304,000         108,000
  Selling, general and
   administrative                     1,104,000       1,243,000
       Total operating costs and
        expenses                      2,255,000       2,588,000

Operating income (loss)                  59,000      (1,046,000)

Financing expenses:
  Amortization of deferred debt
   financing                              2,000          20,000
  Interest expense                       88,000         179,000
  Other income                          (34,000)        (40,000)
       Total financing expenses          56,000         159,000

Net income (loss)                  $      3,000    $ (1,205,000)

Per share of common stock:
  Basic and diluted                $       0.00    $      (0.10)

Weighted average common shares
 outstanding
  Basic                              13,289,361      12,145,954
  Diluted                            13,322,396            --



                           BIO-PLEXUS, INC.
                  CONDENSED STATEMENTS OF CASH FLOWS

                                          Three Months Ended March 31,
                                                1999           1998

Cash Flows from Operating Activities

Net income (loss)                          $     3,000    $(1,205,000)
Adjustments to reconcile net
 loss to cash used by
 operating activities:
     Depreciation and amortization             143,000        298,000
     Writedown of equipment to net
      realizable value                            --          113,000
     Amortization of deferred debt
      financing expenses                         2,000         20,000
     Amortization of debt discount               4,000         15,000
     Decrease (increase) in assets:
        Accounts receivable                    202,000       (247,000)
        Inventories                            227,000         90,000
     Increase (decrease) in liabilities:
        Accounts payable and accrued
         expenses                               26,000        315,000
        Accrued interest payable               (16,000)        14,000
        Accrued vacation and other
         accrued employee costs                (78,000)      (142,000)
        Accrued product replacement costs      (80,000)          --
        Decrease in deferred revenue          (875,000)      (210,000)
     Other                                      42,000        145,000
         Net cash used in operating
          activities                          (400,000)      (794,000)

Cash Flows from Investing Activities

Purchases and construction
 of fixed assets                                  --          (93,000)
Long-term investments                          627,000           --
Cost of patents                                (16,000)       (53,000)
         Net cash provided by
         (used in) investing
         activities                            611,000       (146,000)

Cash Flows from Financing Activities

Proceeds from sale of common stock           1,100,000           --
Proceeds from exercise of
 common stock options                             --           23,000
Decrease in notes payable                     (250,000)          --
Proceeds from sale and leaseback                  --          109,000
Repayments of long-term debt                (1,071,000)      (434,000)
         Net cash used in
          financing activities                (221,000)      (302,000)

         Net decrease in cash and
          cash equivalents                     (10,000)    (1,242,000)
         Cash and cash equivalents,
          beginning of period                  535,000      1,502,000
         Cash and cash equivalents,
          end of period                    $   525,000    $   260,000

Supplemental cash flow disclosures:
     Cash payments of interest             $   100,000    $   151,000
     Cash payments of income taxes               3,000           --