Control Delivery Systems Names Michael J. Soja as New Chief Financial Officer.

Business/Technology Editors & Health/Medical Writers

WATERTOWN, Mass.--(BW HealthWire)--March 26, 2001

Former VP and CFO of XTRA Corporation Brings 30 Years of

Finance Experience to CDS

Control Delivery Systems (CDS), an innovative drug-delivery company that develops sustained-release technologies for treating life-threatening diseases and debilitating chronic conditions, today announces the appointment of Michael J. Soja as vice president and chief financial officer. As CFO, Soja will oversee corporate finance, taxation, human resources, financial reporting and information systems.

"Control Delivery Systems is very fortunate to have a CFO of Michael Soja's caliber," said Paul Ashton, president and CEO of CDS. "The breadth and depth of his financial acumen will prove invaluable as CDS develops and markets new products, expands its infrastructure and creates additional alliances with key industry partners. Michael will have an integral role in the molding of CDS into a leading player in its market space."

Soja comes to CDS with 30 years of financial experience. He is a 26-year veteran of XTRA Corporation, North America's largest lessor of intermodal transportation equipment and second largest over-the-road trailer lessor, where he served as vice president and CFO for the last 10 years. During this period, Soja managed corporate finance, treasury functions, investor relations and acquisitions and divestitures. Before this, he served as XTRA's corporate controller. Prior to his tenure at XTRA, Soja worked for the small business division of KPMG Peat Marwick, providing auditing, tax and consulting services to clients.

"CDS is a company with all the essential ingredients to succeed -- a creative and dedicated staff, a dynamic R&D team and a solid financial base," said Soja. "I'm looking forward to being an active member of the CDS team as we expand the company and meet market and competitive challenges, with the goal of making CDS an industry leader."

Soja, who is a CPA, received a B.A. in mathematics from College of the Holy Cross. He also holds an M.S. in accounting, cum laude, from Northeastern University, and an M.B.A., magna cum laude, from Babson College.

About Control Delivery Systems

Control Delivery Systems (CDS) develops innovative, sustained-release, drug-delivery systems to treat life-threatening and debilitating chronic diseases. CDS's proprietary products are designed to deliver precise quantities of drugs to a target site at a controlled rate for periods ranging from days to years. By concentrating the drug at the target site and eliminating systemic side effects, CDS's products use existing drugs to treat diseases that currently have limited or no effective treatment options.

CDS has licensed to Bausch & Lomb, the global technology-based healthcare company for the eye, an innovative ophthalmic drug-delivery technology that includes the Vitrasert(TM) implant, used to treat CMV retinitis, and the Envision TD(TM) implant, now in pivotal clinical trials for the treatment of diabetic macular edema and posterior uveitis. The company continues to develop treatments for severe osteoarthritis, brain tumors and post-surgical pain management.

CDS, a privately held company, is headquartered in Watertown, MA.

NOTE TO EDITORS: EnvisionTD and Vitrasert are trademarks of Bausch & Lomb Pharmaceuticals, Inc.