Bio-Plexus Wins Shareholder Approval of Financing.

Business Editors

VERNON, Conn.--(BUSINESS WIRE)--May 1, 2000

At a special meeting of stockholders, Bio-Plexus obtained stockholder approval for the $17.5 million financing with entintities affiliated with Appaloosa Management, L.P. of Chatham, New Jersey. At the meeting, Bio-Plexus' stockholders also approved an amendment to Bio-Plexus' certificate of incorporation increasing the number of authorized shares of common stock from 25 million to 40 million and an amendment to Bio-Plexus' 1991 Long Term Incentive Plan which raised to 2.5 million the number of shares of Common Stock subject to the plan.

Following the stockholders meeting, Bio-Plexus and Appaloosa consummated the financing. In addition, John S. Metz assumed the role of President and Chief Executive Officer. He was also appointed to the Board of Directors.

"Our investors showed strong support for the financing," Metz commented. "With about 98% of the vote in favor of the financing, they have sent a clear message that they are behind management's plan to dramatically increase sales efforts and introduce new products to the market. The financing should clearly help us penetrate the changing needle market with Punctur-Guard," he added.

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 (January 1997) and ECRI, (Health Devices, June 1998 and October 1999) Punctur-Guard 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.

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