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BIOPLASTY AGREES TO PROPOSED SETTLEMENT OF SHAREHOLDERS' SUIT

 BIOPLASTY AGREES TO PROPOSED SETTLEMENT OF SHAREHOLDERS' SUIT
 ST. PAUL, Minn., Feb. 26 /PRNewswire/ -- Bioplasty, Inc. (NASDAQ: BIOP) announced today a Memorandum of Understanding has been signed with plaintiffs' attorneys reflecting the proposed settlement of a pending alleged class action securities litigation. Bioplasty, Inc. stated that although the settlement is not binding and is subject to several conditions including reasonable notice to class members, negotiation of a binding stipulation, and approval by the federal court, it expects that it will be required to pay $1.7 million in cash, and issue warrants valued at $1.6 million under the terms of the proposed settlement. As a result, 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 20 years of experience in the development, manufacturing and marketing of plastic surgery products worldwide. Bioplasty's stock is currently traded on NASDAQ's National Market System under the symbol "BIOP."
 -0- 2/26/92
 /CONTACT: Timothy P. Lawin or Donald A. Major, both of Bioplasty, 612-636-4112/
 (BIOP) CO: Bioplasty, Inc. ST: Minnesota IN: MTC SU:


KH -- MN015 -- 2933 02/26/92 15:51 EST
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Publication:PR Newswire
Date:Feb 26, 1992
Words:203
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