BlueFire Research Initiates Coverage of Lifecore Biomedical Inc.

Business Editors & Analysts

NOTE TO EDITORS: The following is an investment opinion issued by

BlueFire Research.

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 11, 2000

Lifecore Biomedical receives Outperform rating,

12-month target price of $15/Share

BlueFire Research, an SEC registered investment adviser affiliated with BlueFire Partners, today initiates coverage of Lifecore Biomedical, Inc. (Nasdaq: LCBM- $7) with an Outperform rating and a 12-month target price of $15 per share. Lifecore Biomedical, based in Chaska, Minnesota, produces biomedical products in two divisions for such applications as eye surgeries and dental implants.

"We are initiating coverage of Lifecore Biomedical with an Outperform rating," said BlueFire Research Managing Director Lee Schafer. "In our view, Lifecore Biomedical has built a $30 million-plus business that is worth the current market capitalization of the company and continues to press forward on gaining regulatory approval of Gynecare Intergel(TM), a potential homerun product that can significantly reduce post-operative adhesions in a variety of surgical procedures. With investor's risk protected by the value of Lifecore's core businesses, the current valuation provides investors an intriguing opportunity to participate in the potential upside should the Intergel product receive regulatory clearance to be sold in this country."

The initial research report on Lifecore Biomedical will be made available to BlueFire's proprietary database of investment professionals and through nationally recognized services that currently provide equity research online or by traditional subscription means. For more information and a copy of the Lifecore Biomedical report, please send an electronic mail message to [e-mail] or telephone [phone].

BlueFire Research was formed in January 2000 by Minneapolis-based BlueFire Partners to provide investment research on small capitalization growth companies in health care, technology, financial institutions, consumer, and industrial growth sectors. BlueFire Research prepares and provides research reports and periodic updates to investment professionals and the investment community on mid-cap, small-cap and micro-cap companies who, in most cases, are clients of BlueFire Partners. The reports include earnings estimates and recommendations based on fundamental and relative valuation models.

BlueFire Partners has a national reputation for expertise in advising growing companies in the areas of investor relations, media relations, public relations, corporate strategy and quality initiatives, as well as providing graphic design services. The firm is one of the largest independent public relations firms in the Twin Cities and has the largest investor relations practice in the Midwest with more than 40 publicly held clients. BlueFire has 26 employees and associates and is a member of the Phoenix Network of independent public relations agencies in North America and Europe.

The research report on Lifecore Biomedical was prepared by BlueFire Research, a Registered Investment Adviser, and an affiliate of a company that provides a variety of professional services for the subject company of this report. Those services can include, but not be limited to, investor relations and public relations counsel, media consulting, graphic design, and management consulting. However, the subject company of this report has paid no direct compensation to the investment adviser or its affiliate for the preparation, distribution, and dissemination of this report. This report is for information purposes only and does not constitute an offer or solicitation of an offer to buy or sell any securities. The information provided, while not guaranteed as to accuracy or completeness, has been obtained from sources believed to be reliable. No officer, director or employee of BlueFire Research, or its affiliate, owns securities in the subject company of this report unless it is specifically disclosed.