Bridge Technology Group LLC Announces Investment Opinion on Cypress Bioscience.

NEW YORK--(BUSINESS WIRE)--April 28, 1999--

Bridge Technology Group LLC Reiterates Buy Recommendation

On Cypress Bioscience Following Recent Announcements

Bridge Technology Group LLC reiterated its BUY recommendation today on Cypress Bioscience, Inc. (Nasdaq: CYPB) following several recent announcements by CYPB.

Excerpts from the report follow:

Over the past ten days, CYPB has made two significant announcements that we believe position the Company's stock for further upward movement. The two events, the sale of the manufacturing facility and the exercise of warrants (discussed in detail below) resulted in proceeds of approximately $10.4 million to the Company. From a financial perspective, we believe these events put CYPB on a more solid financial footing. But more importantly, we believe the early exercise of the purchase option reflects Fresenius' positive view of the prospects for the Prosorba column within the rheumatoid arthritis (RA) market. CYPB management also believes that Fresenius' ownership of the facility will accelerate the manufacturing scale-up, facilitate the ramp-up in marketing, and shorten the timeframe for CYPB to reach profitability. We reiterate our BUY recommendation for investors tolerant of risks associated with small-cap investments.

April 27th Announcement: CYPB announced that Fresenius AG, its global partner in the manufacturing and marketing of the Prosorba column, had exercised an option to purchase the Prosorba manufacturing facilities from CYPB. The option was granted earlier this year as part of the partnering agreements between the two companies, and was exercisable until the end of 2000. Total proceeds to CYPB, a portion of which was previously drawn down in the form of an interest-free line of credit, was approximately $5.2 million. We believe the early exercise of this option by Fresenius is a very positive development for CYPB, as it reflects Fresenius' positive views on the prospects for the Prosorba column in the RA market, should accelerate manufacturing and marketing activities, and could result in a shortened timeframe to profitability for CYPB.

April 21st Announcement: CYPB announced that approximately 2.6 million outstanding publicly traded warrants had been exercised, resulting in proceeds to CYPB of approximately $5.2 million. Approximately 200,000 warrants that were not exercised were redeemed by CYPB at ten cents per warrant on April 19, 1999. Again, we feel this is a very positive development for CYPB. It not only provides additional capital to support the commercialization ramp-up of Prosorba, but also provides additional financial flexibility with respect to other development programs and/or financing plans.

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Bridge Technology Group LLC is a registered investment advisor (NY State) focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that Bridge Technology Group LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by Bridge Technology Group LLC for the purchase or sale of any securities. Bridge Technology Group LLC has performed investment banking, consulting or other services for CYPB and may solicit investment banking, consulting or other business from, any company mentioned in this release. Bridge Technology Group LLC or persons associated with Bridge Technology Group LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the Bridge Technology Group LLC web site at www.BridgeNYC.com. This material, or any portion thereof, may not be reproduced without prior permission from Bridge Technology Group LLC. Bridge Technology Group LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright (c) 1999 by Bridge Technology Group LLC. All rights reserved.