Bioenvision Raises Additional $3.5 Million Pursuant to Participation Rights.

Business Editors/Health/Medical Writers

NEW YORK--(BUSINESS WIRE)--May 14, 2004

Bioenvision, Inc. (Amex:BIV) today announced that it has raised an additional $3.5 million through the sale of common stock to institutional investors as part of a participation rights closing. Participants in the offering, including Perseus-Soros Biopharmaceutical Fund, Orbimed Advisors, DWS Investments and Scudder Global Biotechnology Fund, also received warrants to purchase common stock consistent with investors in the first closing of this transaction. SCO Securities LLC acted as exclusive placement agent for the transaction.

The first portion of the financing closed on March 22, 2004 and the Company received net cash proceeds of approximately $12.8 million. The remaining balance of cash proceeds was contingent upon the level of participation by holders of the Company's Series A preferred stock pursuant to the preemptive rights granted to such parties under the Company's charter.

Dr. Christopher B. Wood, Chairman and CEO of Bioenvision, commented, "We are delighted with the increasing number of institutional investors interested in Bioenvision and its platform of products and technologies as demonstrated in this offering. Further participation in this offering by our existing institutional investors, including DWS, Perseus-Soros and Orbimed, indicates these institutions maintain a high level of interest in Bioenvision and its platform of products and technologies. We appreciate this endorsement of our business strategy."

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act or an applicable exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

About Bioenvision

Bioenvision's (Amex:BIV) primary focus is the development and distribution of compounds and technologies for the treatment of cancer. Bioenvision has a broad pipeline of products for the treatment of cancer, including: clofarabine (in co-development with ILEX Oncology, Inc.), Modrenal(R) (for which Bioenvision has obtained regulatory approval for marketing in the United Kingdom for the treatment of post-menopausal breast cancer following relapse to initial hormone therapy), and other products in clinical trials. Bioenvision is also developing anti-infective technologies, including the OLIGON technology; an advanced biomaterial that has been incorporated into various FDA approved medical devices. For more information on Bioenvision please visit our Web site at www.bioenvision.com.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because these statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Specifically, factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to: risks associated with preclinical and clinical developments in the biopharmaceutical industry in general and in Bioenvision's compounds under development in particular; the potential failure of Bioenvision's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of Bioenvision's compounds under development; failure to successfully implement or complete clinical trials; failure to receive marketing clearance from regulatory agencies for our compounds under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Bioenvision's business, structure or projections; the development of competing products; uncertainties related to Bioenvision's dependence on third parties and partners; and those risks described in Bioenvision's filings with the SEC. Bioenvision disclaims any obligation to update these forward-looking statements.