Johns Hopkins University Awards Lasik Eye Drop to Paradigm Medical.

Business Editors/Medical Writers

SALT LAKE CITY--(BUSINESS WIRE)--Jan. 30, 2001

Paradigm Medical Industries, Inc. (Nasdaq:PMED) announced today it has completed an option agreement with Johns Hopkins University giving Paradigm the right to license their new eye drop that promotes faster healing and the reduction of haze post operatively sometimes associated with the popular new laser vision correction surgery, known as Lasik which eliminates the need for glasses. Lasik is currently approved for the correction of near-sightedness and has steadily gained in popularity among the public over the past few years.

According to Paradigm's Chairman and CEO, Thomas F. Motter, "Lasik has quickly grown into a $3 billion industry. This product will be used prophylactically on all patients undergoing Lasik Surgery because surgeons cannot determine which patients will have a post-operative `haze' problem or slow corneal healing." Mr. Motter also explained, "Since it will be in use world-wide on every patient, it has the potential to generate annual revenues of between $500 million and $1 billion. In addition to Lasik, there are millions of other surgical procedures performed each year involving incisions into the cornea for which this product will undoubtedly be used to promote faster healing times thus reducing the dangers of complications from infection and shortening the required exposure time to antibiotics, steroids, and anti-inflammatories."

Dr. David Silver, Ph.D. of the Applied Physics Laboratory at Johns Hopkins and co-inventor of the drop explained that their group learned that there was a need for such a product, scientifically referred to as a `plasminogen activator', after spending a year as a visiting professor in an honorary chair at Johns Hopkins prestigious Wilmer Eye Institute. "I have been aware of Paradigm's know-how and talent for the past several years and am confident they will be able to bring the product to market this year," Dr. Silver commented.

"We expect this patented product to soon become a necessity for almost all surgical procedures involving the cornea, and serve as a `flagship' product around which an ethical pharmaceutical franchise can be built which is in keeping with Paradigm's charter to fill in all squares on the eye care matrix through the introduction of products that are revolutionary and proprietary in each product category," Mr. Motter concluded.

Paradigm Medical Industries, Inc., currently develops, manufactures and markets surgical and diagnostic high-tech "breakthrough" proprietary equipment and consumable products in medicine. The company's corporate offices are located at 2355 South 1070 West, Salt Lake City, Utah 84119. Call 801/977-8970 or visit us at our web site at www.paradigm-medical.com.

This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, Paradigm actual results may differ significantly from the results discussed or implied in such forward-looking statements.