POINT Biomedical Corp. Raises $27.1 Million in Equity Financing.

SAN CARLOS, Calif. -- POINT Biomedical Corp. announced today that it has raised $27.1 million by a private equity financing. The company will use the proceeds to file a New Drug Application (NDA) with the U.S. Food and Drug Administration for its lead product, CARDIOsphere(R) (PBC127), an ultrasound imaging agent for the assessment of myocardial perfusion in patients with coronary artery disease, and to retire debt related to construction of its commercial manufacturing facility.

In March 2004, POINT announced that CARDIOsphere had completed Phase 3 clinical testing. The Phase 3 trials were designed to evaluate the performance of CARDIOsphere imaging relative to radionuclide imaging for detecting obstructive coronary artery disease and identifying the anatomic location of perfusion defects.

More than 13 million Americans suffer from coronary artery disease and an even larger number of individuals have risk factors or symptoms that make them potential candidates for coronary artery disease assessment by non-invasive means. The number of non-invasive imaging studies for diagnosing coronary artery disease in the U.S. is over 10 million per year. If approved for the assessment of myocardial perfusion, CARDIOsphere will allow cardiologists to diagnose coronary artery disease in the office or hospital using standard ultrasound equipment and without the use of radioactive isotopes.

Commercial scale manufacturing of CARDIOsphere will be performed in the company's 10,000 square foot pharmaceutical manufacturing site in San Carlos, California. POINT completed construction of the $3 million facility in 2003 and is currently preparing the facility for pre-approval inspection. CARDIOsphere is based on POINT's proprietary biSphere(R) platform technology, that has a highly scalable and efficient manufacturing process.

Jerry Griffin, M.D., President and Chief Executive Officer of POINT, said "This financing will enable POINT to proceed with the submission of our NDA for CARDIOsphere and to make final preparations for commercial scale manufacturing. I am very pleased at the breadth of support from our investors in this financing."

Investors in the private equity financing included Anvers L.P., CHL Medical Partners, De Novo Ventures, Frazier Healthcare, Fininvest, Institutional Venture Partners, INVESCO Private Capital, Mosaix Ventures, Oakwood Medical Investors, Palo Alto Investors, S.R. One, Limited, The Sprout Group, and William Blair Capital Partners.

About POINT Biomedical

POINT Biomedical is developing novel technology platforms for imaging and drug delivery applications. The lead product, CARDIOsphere, is an ultrasound-imaging agent for assessing myocardial perfusion, has completed Phase 3 clinical testing in the United States. If approved for marketing in the U.S. by the Food and Drug Administration, CARDIOsphere could allow a cardiologist to determine the state of a patient's coronary artery circulation in the office setting, without the use of radioactive isotopes.

The matters discussed in this press release are forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. The receipt of regulatory approvals, results of product development programs, and clinical efficacy of and market demand for products, among other matters, may differ significantly from the discussion of such matters in the forward-looking statements.

CONTACT INFORMATION: POINT Biomedical Corporation, 887 Industrial Road, San Carlos, CA 94070, [phone] phone; [phone] fax. For investor inquiries please contact Malcolm Farnsworth, CFO, [e-mail], at POINT Biomedical.