Biopharmaceutics announces acquisition financing agreement.

BELLPORT, N.Y.--(BUSINESS WIRE)--June 19, 1997--Biopharmaceutics Inc. (BOPH:OTCBB) announced on June 16, 1997, that it had signed a formal acquisition agreement to acquire all of the outstanding shares of Caribbean Medical Testing Center Inc. of San Juan, Puerto Rico for $7.5 million. Biopharmaceutics will pay $6 million in cash and $1.5 million in a note due July 17, 1999.

Biopharmaceutics has entered into an agreement with European Equity Partners Inc. to raise the $6 million of cash required to complete the transaction through the private sale of convertible debentures providing, among other things, for a minimum conversion price of $2.00 per share after the reverse split ($0.50 pre split) and a conversion period commencing the seventh month following the close of the debenture sale.

The company's board of directors has authorized a one-for-four reverse stock split which will become effective with trading commencing on Wednesday, June 25, 1997. The company's board believes that by effecting the one-for-four reverse stock split and when taking into consideration the projected earnings the company expects to generate through the CMT acquisition, that the company will be able to achieve a listing on a regional stock exchange.

CONTACT: Biopharmaceutics Inc.

Stuart Fine, 516/286-5800