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BIOPLASTY, INC. REACHES TENTATIVE AGREEMENT TO SETTLE SHAREHOLDERS' SUIT

 ST. PAUL, Minn., Feb. 19 /PRNewswire/ -- Bioplasty, Inc. (NASDAQ-NMS: BIOP) announced today that it has reached a tentative agreement with plaintiffs' attorneys to settle the class action securities litigation brought by certain shareholders, and the parties are currently drafting definitive agreements, which will be subject to approval by the federal court. Under the terms of the tentative agreement, Bioplasty, Inc. has agreed to pay $825,000 cash upon signing the agreements, and an additional $500,000 payable in six months with interest at 8 percent per annum, or upon completion of the financing for the sale of its new building, whichever occurs first. Bioplasty has also agreed to pay $50,000 toward the cost of administering the class action settlement. As a result, if the proposed settlement agreements are finalized, the litigation would be terminated and dismissed with prejudice. Bioplasty, Inc. denies all allegations of the action, and under the proposed settlement, will not admit to any liability.
 Bioplasty, Inc. has more than 21 years of experience in the development, manufacturing and marketing of plastic surgery products worldwide. Bioplasty's stock is currently traded on NASDAQ National Market System under the symbol BIOP.
 -0- 2/19/93
 /CONTACT: Timothy P. Lawin, president and CEO, or Donald A. Major, VP of finance, both of Bioplasty, 612-636-4112/
 (BIOP)


CO: Bioplasty, Inc. ST: Minnesota IN: MTC SU:

KH -- MN015 -- 8577 02/19/93 17:21 EST
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Publication:PR Newswire
Date:Feb 19, 1993
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