Bio-Plexus Reports Fourth Quarter and Full Year Financial Results.

Business Editors

VERNON, Conn.--(BUSINESS WIRE)--March 21, 2002

Management Significantly Reduces Monthly Expenses While Experiencing a

Ramp in Manufacturing Revenues and Royalties

Bio-Plexus, Inc. (OTC BB: BPXS), a premier safety medical device innovator, manufacturer, and licensor, today reported financial results for the fourth quarter and full fiscal year ended December 31, 2001.

For the fourth quarter of fiscal 2001, revenues rose 25% to $1.89 million compared to $1.5 million in the fourth quarter of fiscal 2000. In addition, sequential revenues rose by 20% compared to the $1.57 million generated in the third quarter of 2001. In addition to the significantly improved top-line, Bio Plexus' operating loss for the quarter improved to $1.0 million from $1.6 million in the fourth quarter of fiscal 2000. The fourth quarter net loss improved to $1.07 million compared to $2.43 million in the prior year.

Revenues for the full year increased 27.5% to $6.37 million versus $4.99 million in fiscal 2000. Ninety-two percent of revenues were derived from traditional manufacturing activities while royalty income, derived from channel partner relationships, increased 611% to $484,000 over last year's levels. The Company's loss before reorganization costs for fiscal 2001, excluding the $3.4 million reorganization cost, improved $4.4 million to $6.70 million versus $10.7 million in fiscal 2000. Finally, the net loss including the one-time reorganization cost was $10.1 million versus $10.7 million a year ago.

John Metz, President and CEO of Bio-Plexus stated, "We are pleased with our continued top line growth particularly given our reduced operating expenses. Our management team spent the last half of 2001 improving these efficiencies and we saw encouraging results, especially in the fourth quarter. Simultaneously, Bio-Plexus' royalty revenues improved 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 continued successful introduction of the new Winged Set product line which has increased monthly unit sales almost five-fold since July of 2001."

Brian Herrman, Chief Financial Officer of Bio-Plexus stated, "The Company's focus on efficiencies in 2001 clearly had an impact on bottom line results. With a monthly burn rate of approximately $500,000 mid-year, the Company targeted staff reductions and tighter overall expense controls, while shifting from a direct sales force to a specialty dealer representative network. Unfortunate as it was to reduce headcount, the resulting benefit, combined with increased sales and royalties, succeeded in reducing the monthly burn-rate by roughly $400,000 as of December 2001. In addition to the operating improvement, the Company also reduced its interest costs by 97% when most of the Company's debt was converted to common stock in July 2001. This further decreased expenses and positions Bio-Plexus for potential profitability in early 2003."

Metz concluded, "Going forward, we are continuing our efforts to seek financing to execute our business plan. We are very pleased with the dedicated efforts of Bio-Plexus employees. As a team we have been able to significantly increase our revenues and bring innovative products to the market, while reducing expenses."

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. Competing 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 nearly 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, WHICH THE COMPANY FILED ON MARCH 15, 2002 (http://www.sec.gov/Archives/edgar/data/865532/000095012302002556/ y58140e10-k.htm).

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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. 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 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.