Medafor, Inc., Adds Two Management Team Members

June 7, 2001, Minneapolis, Minn. - Medafor, Inc., is pleased to announce the addition of two members to its management team. Gary Shope is Vice President of Emergency Medical Products and will oversee topical applications of HemaDEX in both the private sector and military market segments. Gary Payment is the Vice President of Manufacturing and Quality Assurance, with responsibilities to coordinate Medafor's ISO and CE mark certification programs as well as to manage the company's strategic vendor partnership development.

Mr. Shope has more than twenty years of medical device experience, focusing his attention, in recent years, on orthopedic and cardiovascular applications. He comes to Medafor, Inc., with a superior track record in sales, and extensive consulting and distribution experience with cardiac pacemakers, defibrillators, heart valves and orthopedic products first at Medtronic, then as President of Medical Devices, Inc.

Mr. Payment has held positions as Director of Operations at Medtronic and Vice President of Manufacturing at Surgical Technologies, a contract medical device manufacturer in St. Paul, Minn. He was also Director of Operations for the cardiac pacemaker division of Guidant.

Josh Waldman, Director and COO of Medafor, Inc., said that the addition of these management team members will further expand the company's ability to meet its strategic plan for commercialization and operation.

"Our structure is based on the establishment of strategic partnerships, not only in distribution channels, but on the supply side as well. Both Garys possess the experience and expertise required to support the implementation of this strategy and to assist the company in keeping its commercialization efforts on schedule."

Medafor, Inc., is a privately held Minnesota corporation, founded in 1999 to develop and market groundbreaking hemostatic technology based on engineered biopolymeric microporous particles. The company has segmented target markets for the initial penetration of its products and is in the process of conducting efficacy testing and preparing submissions for appropriate regulatory clearances.

Statements made in this release have not been evaluated by the FDA or any other regulating body, and Medafor's products are not currently available for use in humans. This release may contain forward-looking statements based on current expectations of future events. If underlying assumptions prove inaccurate, or unforeseen risks or circumstances materialize, actual results could vary materially from expectations and projections stated herein. The company assumes no obligation to update any forward-looking statements as a result of new information or future developments. BACK.