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PERCLOSE REPORTS THIRD QUARTER FISCAL 1996 RESULTS; NEW TECHSTAR 8F PRODUCT IS LAUNCHED INTERNATIONALLY

MENLO PARK, Calif., Jan. 25 /PRNewswire/ -- Perclose, Inc. (Nasdaq: PERC) today reported results for the third quarter fiscal 1996.

For the third quarter ended December 31, 1995, revenues were $787,000, up from $53,000 in the same quarter a year ago. Increased sales of the company's Prostar(TM) and Techstar(TM) products were primarily responsible for the revenue gain. The net loss for the quarter was $1,748,000, compared with $1,587,000 for the same period of the prior year. The loss per share was $0.24, compared with $0.44 per share a year ago.

Revenues for the nine months ended December 31, 1995, were $1,360,000 compared with $53,000 for the same period of the prior year. The net loss for the period was $6,374,000 compared to $4,303,000 a year ago. The loss per share was $1.31, compared with $1.20 per share a year ago.

"We're pleased to report that results for the third quarter are in line with our expectations. We are especially encouraged by our strong sales growth, with revenues nearly doubling from the previous quarter," said Hank Plain, Perclose's president and chief executive officer. "Initial demand for our Techstar 6F system, now fully available in all of our targeted international markets, has contributed to increased revenue. The Techstar 6F system represents the first 6F arterial access site closure device specifically designed for the approximately 5.7 million diagnostic procedures performed annually worldwide. Additionally, we're excited to have achieved sales targets on a limited release of our Techstar 8F system which we began shipping in December. We are currently planning our full-scale international launch of the Techstar product line."

COMPANY RAISES APPROXIMATELY $34M IN INITIAL PUBLIC OFFERING

On November 7, 1995, the company successfully completed an initial public offering, selling 2,875,000 shares (including 375,000 shares from the exercise of the underwriters' over-allotment option in December), of common stock at $13 per share, raising net proceeds of approximately $34 million. The company expects to use a majority of the proceeds to fund development activities, clinical trials of and expansion of marketing, sales and manufacturing activities for the company's Prostar and Techstar systems, and general corporate purposes.

Perclose's proprietary Prostar and Techstar systems are minimally invasive surgical systems used to close arterial access sites in catheterization procedures such as angioplasty and angiography. Over 9,000 systems have been sold internationally since product shipments began in December 1994. The company believes that over 6.9 million catheterization procedures are performed annually worldwide.

Enrollment in the U.S., randomized, multi-center trial of the Prostar system is on target with 410 of the required 500 patients enrolled in the trial as of January 19. Completion of the trial is expected later this spring. Following completion of the trial, the company plans to file a Pre-Market Approval (PMA) application with the United States Food and Drug Administration (FDA) for approval to market the Prostar system in the United States. In December, the company filed an Investigational Device Exemption (IDE) with the FDA to seek approval to begin a U.S. clinical trial for the Techstar 6F and 8F systems.

Perclose also recently received approval in Japan to market its second generation systems, the Prostar 8F and 10F and the Techstar 6F, 7F and 8F. This represents an important step toward gaining reimbursement approval for Perclose products in that market.

Perclose, Inc., based in Menlo Park, California, is a technology leader in the development and commercialization of suture-based closure devices for arterial access site management. The company's proprietary Prostar and Techstar systems are designed to offer less-invasive, cost-effective alternatives, providing the patient with significant clinical benefits including rapid hemostasis, earlier ambulation and improved patient comfort. The Prostar 9F and 11F systems and the Techstar 6F and 8F systems are currently being marketed internationally, and U.S. clinical trials of the Prostar 9F and 11F system are ongoing. The company's common stock is traded on the Nasdaq National Market under the symbol PERC.

For more information on Perclose, Inc. at no cost, call 800-PRO-INFO.
 PERCLOSE, INC.
 CONDENSED STATEMENT OF OPERATIONS
 (unaudited)
 Three Months Ending Nine Months Ending
 December 31, December 31,
 1995 1994 1995 1994


Net revenues,
 product sales $787,245 $52,775 $1,360,407 $52,775


Operating expenses:

Cost of goods sold,

including

manufacturing
 start-up expenses 1,150,855 584,263 3,419,169 1,205,961


Research and
 development 856,379 639,062 2,292,190 1,941,980


Marketing, general,
 and administrative 778,880 442,862 2,377,192 1,291,638


Total operating
 expenses 2,786,114 1,666,187 8,088,551 4,439,579
 Loss from operations (1,998,869)(1,613,412) (6,728,144)(4,386,804)


Interest and other,
 net 250,757 26,796 354,231 83,512
 Net loss $0 0 0 0
 Net loss per share 0 0 0 0


Shares used in

computing net loss
 per share 7,410,522 3,602,108 4,870,768 3,579,070
 PERCLOSE, INC.
 CONDENSED BALANCE SHEETS
 December 31, March 31,
 1995 1995
 (unaudited)
 ASSETS


Current assets:

Cash, cash equivalents

and short-term
 investments $39,889,544 $8,126,732
 Other current assets $1,386,207 $1,227,286
 Total current assets 41,275,751 9,354,018


Equipment and leasehold
 improvements, net 1,016,312 1,200,060
 Other assets 350,421 395,309
 Total assets $42,642,484 $10,949,387
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities 1,844,493 1,314,561


Long-term portion of
 notes payable 525,865 593,440
 Stockholders' equity: 40,272,126 9,041,386


Total liabilities and
 stockholders' equity $42,642,484 $10,949,387
 -0- 1/25/96


/CONTACT: Steve Van Dick Chief, Financial Officer of Perclose, Inc., 415-473-3100; or general information, Ann Trunko, or analyst contact Anne Geary of Financial Relations Board, 415-986-1591, for Perclose/

(PERC)

CO: Perclose Inc. ST: California IN: MTC SU: OFR

MS -- SFTH008 -- 5096 01/25/96 07:31 EST
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