SOURCE: Tulip BioMed, Inc.

August 02, 2006 08:28 ET

Tulip BioMed Reports on First and Second Quarter Corporate and Product Milestones

Company Cites Significant Progress in Both Funding and Launching Innovative Disposable Surgical Instruments

SAN DIEGO, CA -- (MARKET WIRE) -- August 2, 2006 -- Tulip BioMed™, Inc. (PINKSHEETS: TPBD), a developer of medical devices and patented technologies for the living tissue markets, including plastic, cosmetic, and orthopedic surgeries, today reports significant progress on several fronts in its second quarter review of its business.

In the first two quarters of 2006 the company achieved certain key corporate and product milestones, including getting its products FDA-approved and into distribution, putting into place key strategic partnerships, safeguarding its intellectual property and completing revised branding. In addition, its preliminary batch of disposable instruments has sold out and back orders indicate the first full batch of 48,000 pieces will sell in short order.

Mark Pilkington, CEO, believes the market is ready for the disposable instruments. "We are getting extremely positive feedback from the doctors who have evaluated the preliminary batch of instruments," said Pilkington. "The plastic and reconstructive surgery market is projected to be a $9 billion dollar market. We have a golden opportunity now to capture our share of a potential $250 million annually, in disposable cannula business alone." He added, "The company is now working toward a $3 million annual pace by December of this year, and projects a pace of $5 million to $9 million in revenue by the end of 2007."

Over the first two quarters of 2006, Tulip BioMed has achieved the following highlights:

    -- Product advancement
              - All biocompatibility and sterilization validation
                testing passed on first go-round
              - FDA clearance received in April and announced May 1
              - Sample kits and preliminary batch shipped
              - Luer-to-luer product introduced and shipping
              - Patents filed on hydrophilic coating application
              - Large capacity cannulas for liposuction placed in
                production queue
              - Production pipeline filled for small volume tissue
                transfer instruments
    -- Strategic partnerships
              - Board of Advisors established
              - Board of Scientific Advisors comprised of
                world-renowned physicians
              - Cosmetech reseller relationship established
              - Quality System Consulting retained to support
                international certification strategy
              - Global distribution plan is underway and on track
              - Company branding better established
              - Shareholders voted to approve name change
              - Ticker symbol changed to TPBD to reflect new name
              - New web site with e-commerce established
              - Participation in tradeshows well-received
    -- Financial
              - Company completed funding over $3 million of the
                current $5 million Private Placement
              - Preparation for SEC audit has begun and is on track
              - Revenue has begun to be generated
The company has been focused on building infrastructure and setting up its operations for sales. Darin Andersen, president and chief operating officer, said, "As promised we are now able to sell initial product at general production levels and are anticipating that new product introductions will go as smoothly as our initial harvester and re-injection cannula lines have gone."

About Tulip BioMed, Inc.

Tulip BioMed, Inc. (PINKSHEETS: TPBD) is a Nevada corporation with operations based in San Diego, California. Founded in 2004, Tulip BioMed, Inc. is a medical device, biotechnology company that manufactures and distributes patented technologies for the plastic and cosmetic surgery, biopsy, orthopedic surgery, stem cell therapy and other living tissue markets. Tulip BioMed, Inc. is the exclusive licensee of patented syringe connection devices that use the worldwide recognized Tulip brand name. Tulip BioMed, Inc. manufactures, markets, and distributes medical devices, adapted with these and other patented technologies, to physicians, clinics, military, health organizations, hospitals and other distribution outlets. For more information go to: www.tulipbiomed.com. Products are available for sale at www.tulipdisposable.com.

Safe Harbor: This press release contains certain forward-looking information about Tulip BioMed, Inc., which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tulip BioMed, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy. We are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission. We trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities. Readers are cautioned not to place undue reliance on these forward-looking statements. Tulip BioMed, Inc. does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact Information

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