Chromatics Color Sciences makes announcement.

NEW YORK--(BUSINESS WIRE)--March 14, 1995--CHROMATICS COLOR SCIENCES INTERNATIONAL INC. (NASDAQ:CCSI)(the "Company") today announced that it sold 181,000 shares of its common stock, par value $.001 (the "Common Stock") for total gross consideration of $452,000 (or $2.50 per share) pursuant to a "best efforts" private placement offering (the "Offering") of a minimum of $1,700,000 and a maximum of $4,500,000 of common stock. An aggregate of 884,000 shares of common stock have been sold by the company pursuant to the offering, including 703,000 shares sold on Jan. 6, 1995.

The shares subject to the offering are being offered and sold at a price which will be the greater of (i) $2.50 per share, if the closing bid price of a share of common stock as quoted on the NASDAQ Small Cap Market ("NASDAQ") shall be equal to or less than $5.00 per share on the second day prior to the applicable Closing or (ii) 50 percent of the closing bid price of a share of common stock as quoted on NASDAQ on the second day prior to the applicable closing if the closing bid price of a share of common stock as quoted on NASDAQ at such time is greater than $5.00. The company has no obligation to close and sell any shares of common stock in the event the purchase price per share is less than $2.50.

Approximately 1.8 million shares of common stock are subject to the offering; in addition, the placement agent will receive warrants to purchase that number of shares of common stock as are sold in the offering at an exercise price per share equal to the price of the shares sold in the offering. To date, the placement agent has received warrants to purchase an aggregate of 884,000 shares of Common Stock at an exercise price of $2.50 per share. The actual number of shares of common stock to be sold by the company in the offering shall be determined by dividing the aggregate subscription proceeds received with respect to each closing by the applicable Purchase Price with respect to such closing, up to $4,500,000 in total aggregate proceeds.

The offering will remain open as to the balance of shares offered until April 7, 1995, unless further extended by agreement. The net proceeds of the offering will be used to continue implementation of the company's existing business plan, and to begin implementation of its long range business plan for expanded development and marketing of medical applications for the company's technology (including hiring of new personnel) and to develop mass market prototypes of the company's technology for medical applications and for less expensive models of its Colormate II System.

The securities sold and to be sold in the offering have not been registered under the Securities Act of 1933 (the "Act") nor any state securities law and may not be offered or sold in the United States without an effective registration statement under the Act or applicable state law or an exemption from registration requirements under the Act and such state law.

This news announcement shall 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 registration or qualification under the securities laws of any such state.

CONTACT: Chromatics Color Sciences International Inc., New York 

Darby Macfarlane, 212/717-6562