Contact: John Kaiser
President & CEO
FOR IMMEDIATE RELEASE
BIOCIRCUITS ANNOUNCES FINANCING
AND FIRST QUARTER RESULTS
SUNNYVALE, CA--APRIL 16, 1997--Biocircuits Corporation (Nasdaq: BIOC) announced today the closing
of a private placement in the aggregate amount of approximately $8.0 million, which resulted in gross proceeds to
the Company of approximately $1.7 million on April 15, additional gross proceeds of approximately $5.5 million
to be received upon completion of certain milestones at the end of the second quarter and additional gross
proceeds of approximately $0.8 million to be received upon the completion of certain other milestones at year
The Company also announced today its estimated financial results for the first quarter ended March 31, 1997.
The Company reported a net loss of approximately $3.5 million or $0.41 per share, compared to a net loss of
$3.6 million or $0.49 per share in the fourth quarter of 1996.
"In the first quarter, Biocircuits reported revenue from product sales to distributors of $234,000. The importance
of launching the TSH test in late December of 1996 was apparent in the first quarter as installations of IOS-TM-
systems in customer sites doubled from year end 1996 with a significant number sold but not yet installed at the
end of the quarter. We were encouraged enough from these results that during March we added four people to
the sales force, bringing the total to nine. Adding people to the sales force to train and assist distributor sales
people is a key element to increasing results," said John Kaiser, President and Chief Executive Officer.
Mr. Kaiser also announced that effective April 3rd the Biocircuits work force was reduced from 92 to 54
employees. "The reductions occurred throughout the Company with the exception of the sales force which was
increased in March. These planned changes have resulted in a significant expense reduction but should not
materially effect sal