SOURCE: Tulip BioMed, Inc.

October 10, 2006 08:28 ET

Tulip BioMed Enters Into Agreement With Tissue Genesis for Disposable Instruments for Cardiovascular and Other Applications

Companies to Discuss New Product Development

SAN DIEGO, CA -- (MARKET WIRE) -- October 10, 2006 --Tulip BioMed, Inc. (PINKSHEETS: TPBD), a developer of medical devices and patented technologies for use in the living tissue market, including plastic, cosmetic, and orthopedic surgeries, today announced it has signed a letter of intent with Tissue Genesis, Inc., a leading authority in adipose cell therapy and delivery systems.

Under the terms of the letter of intent, Tissue Genesis may become an exclusive distribution partner for Tulip BioMed products in conjunction with its therapeutic cell delivery systems for separating endothelial and adult stem cells from adipose (fat) tissue. The Tissue Genesis TGI 1000 system would be used in multiple therapeutic applications. Under the letter of intent Tulip BioMed may also gain access to Tissue Genesis technologies for distribution in the cosmetic markets. In addition, the two companies could explore new product development opportunities in wound care, peripheral artery disease and other emerging markets of interest.

Tissue Genesis, Inc., founded in 2001, is an emerging high-growth company in the field of regenerative medicine, using a patient's own therapeutic cells to coat implants, repair damaged tissue, heal disease, and other uses. Tissue Genesis is a leading authority in adipose cell therapy and delivery systems. In August 2006, Bioheart, Inc. acquired an option to the worldwide exclusive rights to Tissue Genesis's fat-derived therapeutic cell technology, which is being developed to treat heart attacks and congestive heart failure. Other near-term applications for Tissue Genesis technology include vascular grafts and wound healing using patients' own regenerative cells.

Anton C. Krucky, president and CEO of Tissue Genesis, said, "We believe that an alliance with Tulip BioMed could be a beneficial relationship for both companies. Tulip BioMed was chosen because we believe they are the leaders in cell friendly devices targeted to gently remove cells from the body doing the least amount of damage to the tissue removed and to the patient. We both see that the future of medicine will include more and better usage of a patient's autologous fat tissue in many different areas of healthcare, and Tulip's disposable instruments may be key in both harvesting and re-injection of this tissue. Together we can bring applications and instruments to market that will support this important growth area."

Tulip BioMed has recently begun delivering disposable, minimally invasive, coated cannulas, in multiple tip configurations and sizes for body contouring, for the plastic and cosmetic markets. The instruments developed by Tulip BioMed are designed to solve cross-contamination issues by eliminating reuse of instruments in liposuction, fat transfer and other closed end cannula procedures. The lubricious coating is designed to not only decrease the trauma to the cells inside the lumen, but is also designed to increase the ease of manipulation for extraction and re-injection procedures, minimize bruising and shorten recovery periods. These types of instruments will also be the critical link used in safely harvesting fat tissue for wound care, repair of peripheral artery disease and other cardiovascular surgeries.

According to Tulip BioMed, this combination of technologies places both companies right at the core of making it a near term possibility to provide a minimally invasive way to access one's own therapeutic cells, including endothelial and stem cells, for research and a potential multitude of cell therapies.

"As a leader in our technology, we are very excited about working with Tissue Genesis, a world leader in their technology," said Tulip BioMed CEO Marc Pilkington. "It is amazing to think that by combining Tulip's adipose (fat) harvesting system and Tissue Genesis's cell delivery systems, you could produce a supply of one's own therapeutic cells in 30 to 60 minutes."

About Tissue Genesis, Inc.

Tissue Genesis, Inc. is commercializing its technology to isolate autologous adipose (fat) derived therapeutic cells to enable the rapid isolation and delivery of these cells at the point of care. The company is currently advancing its technology in a range of therapeutic areas including vascular, cardiovascular, and wound treatment applications through internal development and partnerships. Tissue Genesis' cell isolation technology supports a family of platform systems enabling autologous, point of care adipose derived therapeutic cell isolation in under two hours. For more information about Tissue Genesis, please contact Anton Krucky, CEO or visit www.tissuegenesis.com.

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.

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