Bio-Plexus Reports First Quarter Financial Results Revenues Rise 35%.

Business/Health Editors

VERNON, Conn.--(BUSINESS WIRE)--May 17, 2002

Bio-Plexus, Inc. (OTCBB:BPXS), a premier safety medical device innovator, manufacturer, and licensor, today reported financial results for the first quarter ended March 31, 2002.

For the first quarter of fiscal 2002, revenues rose 35% to $1.91 million compared to $1.42 million in the first quarter of fiscal 2001. The increased revenues were primarily due to increased royalties and sales of the Company's new Winged Set product line. In addition to the significantly improved top-line, Bio Plexus' operating loss improved. The first quarter operating loss was $703,000, compared to an operating loss of $2.3 million in the first quarter of fiscal 2001. The net loss for the first quarter also improved to $729,000 compared to net loss of $3.0 million in the prior year.

John Metz, President and CEO of Bio-Plexus stated, "We are pleased with the continued improvement in top line growth and reduced operating expenses. Revenue growth is being driven by increases in royalties and the continued roll out of our new Winged Set blood collection products. Royalty revenues continued to improve due to the ongoing success of our channel-partner-strategy whereby our proprietary technology is licensed and sold by larger organizations like Johnson & Johnson in specific market niches that do not compete with the Company's branded products. We are also pleased with the steadily building volumes of the new Winged Set product line which debuted in July of 2001."

Brian Herrman, Chief Financial Officer of Bio-Plexus stated, "Our continued focus on efficiencies in the first quarter resulted in the further reduction of operating losses. We are prudently managing costs and reduced the monthly burn-rate during the period to approximately $100,000. To execute our business plan, we anticipate a higher burn rate in the short term, as we build inventories and finance receivables. However, with the steady improvement in existing product sales, additional revenue from new product introductions and increasing royalties, we expect to reach cash flow breakeven in 2003. Going forward, we are continuing our efforts to seek financing to execute our business plan."

About Bio-Plexus

Bio-Plexus launched the PUNCTUR-GUARD(R) Winged Set for Blood Collection in July 2001. This followed the Company's receipt of 510(k) approval from the Food and Drug Administration in January 2001 and the successful clinical evaluations of the product undertaken by Bio-Plexus since May 2001. Winged sets are steel hollow bore needles with attached tubing used for blood collection. The PUNCTUR-GUARD Winged Set incorporates the same internal blunting technology used in the Company's PUNCTUR-GUARD multi-sample blood collection needle. Upon activation, an inner hollow blunt needle extends beyond the sharp point of the outer needle prior to removal of the device from the patient, thereby eliminating the exposure to sharp, contaminated needles. Current devices require removal of the contaminated sharp needle from the patient before the outer sheath can be moved into place over the contaminated needle.

Bio-Plexus, Inc., 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. For independent evaluations of the PUNCTUR-GUARD(R) blood collection needle, refer to the Centers for Disease Control (MMWR, January 1997) and ECRI (Health Devices, June 1998 and October 1999) studies. 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: More information about the Company can be found in its annual 2001 10K report. This press release contains Forward-Looking Statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-Looking Statements are identified by the use of such terminology as "believes," "expects," "may," "will," "should," "anticipates," "plans," "estimates," and "intends" or derivations or negatives thereof or comparable terminology. Accordingly, such statements involve risks (known and unknown) and uncertainties. The Forward-Looking Statements are based on assumptions that the Company believes are reasonable based on the best information currently available. However, there are a number of risks associated with these assumptions. These risks and uncertainties include the ability of the Company to obtain the additional financing it needs to fund its operations commencing in the latter half of 2002; the ability to maintain its current monthly burn rate; the effect on suppliers customers, employees and others of the Company's receipt of a going concern opinion from its auditors; the extent of acceptance of the Company's products by health care professionals; the Company's ability to protect its propriety technology; availability of qualified personnel; changes in, or failure to comply with government regulations; general economic and business conditions; reliance on certain critical suppliers, and other risk factors and uncertainties detailed in this report, described from time to time in the Company's other Securities and Exchange Commission Filings, or discussed in the Company's press releases. All Forward-Looking Statements included in this document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update or advise upon any such Forward-Looking Statement.