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July 2004

BioSET completes $5 million Series 'B' Venture Financing

COLLEGE PARK, MD ..BioSurface Engineering Technologies, Inc. (BioSET) is pleased to announce the completion of its second round of equity financing, led by EDF Ventures (Ann Arbor, MI) with participation from Memphis Biomed Ventures, (Memphis, TN), New Markets Growth Fund (College Park, MD) and existing investors including The Vertical Group (Summit, NJ), Boston Scientific Corporation (Natick, MA) and the Maryland Venture Fund (Baltimore, MD).

Mr. Tom Roueche, President and CEO, commented "We are very pleased to attract such quality domain expertise from our new outside investors, as well as the continued support from our current stakeholders. We feel fortunate to have this round significantly oversubscribed, especially in light of the venture capital markets over the past year. BioSET will use the increased capital to support pending development collaborations with potential partners in both orthopedics and vascular surgery areas, and will evaluate creating higher future value by furthering the development of certain target peptides in bone regeneration applications. I also look forward to working with both Mike DeVries and Gary Stevenson as they join our Board of Directors and help chart the direction and value of our technology and our company."

EDF's General Partner Mike DeVries stated, "We actively seek out investments in which the medical device and biotechnology arenas converge. BioSET offers us a unique opportunity to participate in the large and growing osteobiologics field as well as the several other very attractive markets. The co-investor group is proven in their ability to pick winners and the BioSET management team is well accomplished in the art of meeting and exceeding customer and investor expectations."

About BioSurface Technologies, Inc.
BioSurface Engineering Technologies, Inc., is a private, development stage company dedicated to bringing therapeutic combinations to medical devices to improve performance and patient well being. BioSET's synthetic peptides for tissue regeneration either separately or in combination with the HepaSil™ drug delivery linker technology continue to show promising results in preclinical studies for wound repair in the fields of vascular, orthopedic and chronic wound diseases. The company is positioned to capitalize on the growing trend toward drug/device combination products and seeks to offer their novel peptides and methods of delivery to industry partners. For more information, please visit BioSET's website at: www.biosetinc.com.

Contacts:
Tom Roueche
301.405.8431
troueche@biosetinc.com

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