The Medicines Company Reports Fourth Quarter and Full Year 2000 Financial Results.

Business/Health Editors

CAMBRIDGE, Mass.--(BW HealthWire)--Feb. 14, 2001

The Medicines Company (Nasdaq: MDCO) announced today its financial results for the fourth quarter and the full year ended December 31, 2000. In December 2000 the U.S. Food and Drug Administration (FDA) approved ANGIOMAX(R) (bivalirudin), The Medicines Company's lead product, for use as an anticoagulant in patients with unstable angina undergoing percutaneous transluminal coronary angioplasty (PTCA). Additionally in 2000, The Medicines Company consummated its initial public offering (IPO) in which it sold 6.9 million shares of its common stock at a price of $16.00 per share, including the underwriters' overallotment option.

Financial highlights for 2000, including the three months ended December 31, 2000:

- The pro forma net loss attributable to common stockholders for the full year
2000 of $51.9 million, or $2.10 per share, and $22.2 million, or $0.74 per
share, for the three months ended December 31, 2000, compared to a pro forma
net loss attributable to common stockholders of $34.5 million, or $1.94 per
share, for the full year of 1999 and $6.1 million, or $0.33 per share, for the
three months ended December 31, 1999. The pro forma adjustments reflect the
conversion of convertible preferred stock, accrued dividends, convertible notes
and accrued interest effective upon the closing of the Company's initial public
offering and exclude i) interest expense of $19.0 million for the full year
ended December 31, 2000, most of which represented non-cash amortization of the
remaining discount associated with convertible notes, and ii) a non-cash
dividend of $25.5 million associated with the issuance in May 2000 of
convertible preferred stock containing a beneficial conversion feature.

- The Medicines Company reported a net loss attributable to common stockholders
for the full year 2000 of $101.6 million, or $8.43 per share, and $22.2
million, or $0.74 per share, for the three months ended December 31, 2000
compared to a net loss attributable to common stockholders of $40.6 million, or
$80.08 per share, for the year ended December 31, 1999 and $7.9 million, or
$13.45 per share, for the three months ended December 31, 1999. The full year
2000 results include interest expense of $19.0 million a non-cash dividend of
$25.5 million and, which is predominantly non-cash.

- The Company also reported an increase in the loss from operations to $54.6
million for the year ended December 31, 2000 from $35.4 million for the same
period in 1999 and an increase in the loss from operations to $23.8 million for
the three months ended December 31, 2000 from $6.2 million for the same period
in 1999. These increases were due to an increase in sales, general and
administrative expenses primarily from the Company's expansion of its sales and
marketing capabilities in preparation for the commercial launch in the United
States of ANGIOMAX(R)(bivalirudin) which occurred in January 2001 and from an
increase in research and development expenses primarily due to increased
clinical trial and manufacturing development activities related to ANGIOMAX.

- At December 31, 2000, The Medicines Company had cash, cash equivalents and
marketable securities of $80.7 million.

Business highlights for 2000, including the three months ended December 31, 2000:

- In December 2000, the FDA approved ANGIOMAX for use as an

anticoagulant in patients with unstable angina undergoing

percutaneous transluminal coronary angioplasty (PTCA). This

indication includes patients with unstable angina as defined by

either a new onset of severe or accelerated angina or rest pain

within the month prior to study entry or angina or ischemic rest

pain which developed between four hours and two weeks after a

heart attack.

- The Medicines Company established a commercial management team

and signed a commercialization agreement with Innovex Inc. to

promote ANGIOMAX in the United States. Innovex provides the

ANGIOMAX sales force, a sales territory management system and

operational support for the launch of ANGIOMAX.

- The Medicines Company raised total net proceeds of $101.4 million

from the IPO. The Company sold 6.9 million shares of its common

stock at a price of $16.00 per share, including the underwriters'

overallotment option.

- The Company initiated a randomized Phase 3b trial program in

angioplasty comparing ANGIOMAX(R) (bivalirudin) to heparin, with

and without GP IIb/IIIa inhibitors.

- The Company began a Phase 2 trial program examining the use of

ANGIOMAX as an anticoagulant in patients undergoing coronary

artery bypass graft surgery without the use of a bypass pump.

- In 2000 over 9,200 patients were recruited into a Phase 3 trial

program studying the use of ANGIOMAX for the treatment of

patients who have suffered a heart attack.

- The Company started a large, randomized clinical trial of its

probiotic CTV-05 as an adjunct to standard antibiotic treatment

of bacterial vaginosis (BV). The trial is funded by National

Institutes of Health, National Institute of Allergy and

Infectious Disease (NIH, NIAID) and jointly managed by The

Medicines Company and NIH, NIAID.

"We are pleased with the Company's progress since the beginning of 2000, culminating with the approval of ANGIOMAX by the FDA in December 2000 and the commercial launch of ANGIOMAX in the United States by the Company in January 2001," commented Clive Meanwell, M.D., Ph.D., President and Chief Executive Officer of The Medicines Company. "We continue to advance in our clinical development program for the use of ANGIOMAX in angioplasty and more broadly for the hospital treatment of patients with ischemic heart disease. We were pleased to have initiated with the NIH a Phase 2 trial for our second product CTV-05, a specialty anti-infective, for the potential prevention and treatment of bacterial vaginosis; we have enrolled over 150 patients into this trial."

There will be a conference call later today at 10:30 am. To listen in please dial 1-888-890-6816 and request The Medicines Company Fourth Quarter Earnings Release call. If you are calling from outside of the United States, please dial 1-847-619-6449. If you are unable to listen to the call live, you may dial 1-888-843-8996 from inside the United States and 1-630-652-3044 from outside the U.S. to replay the call. The passcode for the call is 3522340. The recording will be available from approximately one hour after the conclusion of the conference call until 12 a.m. on Friday, February 16, 2001.

The Medicines Company was founded in 1996 by a team of experienced pharmaceutical executives to acquire, develop and commercialize selected pharmaceutical products in late stages of development. The Company expects ANGIOMAX(R) (bivalirudin) to be the cornerstone product of an acute hospital franchise we plan to build. Ongoing clinical programs with ANGIOMAX include the REPLACE Phase 3b study of ANGIOMAX in angioplasty. The Company is also developing ANGIOMAX for additional potential applications for use in the treatment of ischemic heart disease. ANGIOMAX is being examined in patients presenting with acute myocardial infarction in the Phase 3 HERO-2 trial and in patients undergoing angioplasty with HIT or HITTS in a Phase 3 trial. The Company is also focused on specialty anti-infectives and is developing a second product, CTV-05, a proprietary biotherapeutic agent with a potentially broad range of applications in the treatment of gynecological and reproductive infections. CTV-05 is currently being studied in a double-blind placebo controlled Phase 2 trial examining the safety and effectiveness of the compound as an adjunct to antibiotic therapy in the treatment of bacterial vaginosis.

This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors" in the Company's Registration Statement on Form S-1 which was filed on January 26, 2001 and remains on file with the Securities and Exchange Commission and incorporated herein by reference. These risk factors include risks as to whether and when, if at all, the Company's products will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and, if such products receive approval, whether they will be successfully marketed; the Company's dependence on third parties, including parties such as Innovex, on whom the Company will rely to promote ANGIOMAX; whether the Company's products will advance in the clinical trials process, the timing of such clinical trials and whether the clinical trial results will warrant continued product development; and the Company's history of net losses and how long the Company will be able to operate on its existing capital resources.

                         The Medicines Company
                   (a company in development stage)
            Condensed Consolidated Statements of Operations

                                 Year ended December 31,
                   ---------------------------------------------------
                             2000                      1999
                   ------------------------- -------------------------
                      Actual    Pro Forma(1)    Actual    Pro Forma(1)
                   ------------ ------------ ------------ ------------
Revenue            $          - $          - $          - $          -
Operating Expenses
  Research and
   development       39,572,297   39,572,297   30,344,892   30,344,892
  Sales, general and
   administrative    15,033,585   15,033,585    5,008,387    5,008,387
                   ------------ ------------ ------------ ------------
     Total operating
      expenses       54,605,882   54,605,882   35,353,279   35,353,279
Loss from
 operations         (54,605,882) (54,605,882) (35,353,279) (35,353,279)
  Interest income
   (expense), net   (16,686,288)   2,704,126      640,384      837,839
                   ------------ ------------ ------------ ------------
Net loss            (71,292,170) (51,901,756) (34,712,895) (34,515,440)
Dividends and
 accretion to
 redemption value
 of redeemable
 preferred stock    (30,342,988)           -   (5,893,016)           -
                   ------------ ------------ ------------ ------------
Net loss
 attributable
 to common
 stockholders     $(101,635,158)$(51,901,756)$(40,605,911)$(34,515,440)
                  ============= ============ ============ ============
Basic and diluted
 net loss
 attributable
 to common
 stockholders per
 common share      $      (8.43)$      (2.10)$     (80.08)$      (1.94)
                   ============ ============ ============ ============
Shares used in
 computing net
 loss attributable
 to common
 stockholders per
 common share:
  Basic and diluted  12,059,276   24,719,075      507,065   17,798,755
                   ============ ============ ============ ============

                             Three months ended December 31,
                   ---------------------------------------------------
                             2000                      1999
                   ------------------------- -------------------------
                      Actual    Pro Forma(1)    Actual    Pro Forma(1)
                   ------------ ------------ ------------ ------------
Revenue            $          - $          - $          - $          -
Operating Expenses
  Research and
   development       16,068,718   16,068,718    5,228,717    5,228,717
  Sales, general and
   administrative     7,693,967    7,693,967      926,350      926,350
                   ------------ ------------ ------------ ------------
     Total operating
      expenses       23,762,685   23,762,685    6,155,067    6,155,067
Loss from
 operations         (23,762,685) (23,762,685)  (6,155,067)  (6,155,067)
  Interest
   income, net        1,579,795    1,579,795     (174,429)      23,026
                   ------------ ------------ ------------ ------------
Net loss            (22,182,890) (22,182,890)  (6,329,496)  (6,132,041)
Dividends and
 accretion to
 redemption value
 of redeemable
 preferred stock              -            -   (1,522,246)           -
                   ------------ ------------ ------------ ------------
Net loss
 attributable
 to common
 stockholders      $(22,182,890)$(22,182,890)$ (7,851,742)$ (6,132,041)
                   ============ ============ ============ ============
Basic and diluted
 net loss
 attributable to
 common stockholders
 per common share  $      (0.74)$      (0.74)$     (13.45)$      (0.33)
                   ============ ============ ============ ============
Shares used in
 computing net loss
 attributable to
 common stockholders
 per common share:
  Basic and diluted  30,179,267   30,179,267      583,941   18,768,109
                   ============ ============ ============ ============


Condensed Consolidated Balance Sheets      December 31,   December 31,
                                               2000           1999
                                               ----           ----
Assets                                     (Unaudited)
Cash, cash equivalents and
 marketable securities                   $  80,718,013  $   7,237,765
Inventory                                    1,963,491              -
Fixed assets, net                              965,832        430,061
Other assets                                   715,794        323,572
                                         -------------  -------------
    Total Assets                         $  84,363,130  $   7,991,398
                                         =============  =============

Liabilities and Stockholders'
 Equity (Deficit)
Current liabilities                      $  15,124,147  $  11,495,321
Long term liabilities                                -     91,053,732
Stockholders' equity (deficit)              69,238,983    (94,557,655)
                                         -------------  -------------
    Total Liabilities and Stockholders'
     Equity (Deficit)                    $  84,363,130  $   7,991,398
                                         =============  =============

(1) Pro Forma amounts reflect the conversion of all the outstanding
redeemable convertible preferred stock and accrued dividends and all
convertible notes and accrued interest as if this conversion had
occurred at the date of original issuance of the convertible preferred
stock and the convertible notes.