SmallCaps Online LLC -Formerly Bridge Technology Group LLC- Announces Investment Opinion on Advanced Tissue Sciences

Business Wire, June 2, 1999

NEW YORK--(BUSINESS WIRE)--June 2, 1999--

SmallCaps Online LLC (Formerly Bridge Technology Group LLC)

Issues Full-Length Report and Reiterates Buy Recommendation On

Advanced Tissue Sciences

Visit SmallCaps Online's Web Site at www.SmallCapsOnline.com for

Detailed Report

SmallCaps Online LLC (formerly Bridge Technology Group LLC) announced today that it has issued a full-length report on Advanced Tissue Sciences (Nasdaq: ATIS) and has reiterated its BUY recommendation on the company. The full text of this report can be accessed at SmallCaps Online's web site, at www.SmallCapsOnline.com.

Jeffrey B. Davis, President of Bridge stated, "With the issuance of a full-length basic report, we are pleased to be able to offer investors a comprehensive look at Advanced Tissue Sciences as well as a detailed financial model and valuation analysis. We are establishing a 12-18 month price target of $10-12 based on this analysis. In addition, since the issuance of our initial opinion, the company announced an important alliance with INAMED Corp. to develop and commercialize products for use in cosmetic and reconstructive surgery and other uses. Although we have not yet included this agreement in our earnings model, we feel it add greatly to the Advanced Tissues' long-term value."

Excerpts from the report follow:

Company Background: ATIS is a leading tissue engineering company focused on the development of human-based tissue products for therapeutic applications. ATIS, whose strategy is differentiated from the competition by being human based, is currently focusing its efforts on skin, cartilage and cardiovascular products. The Company's first commercial product, TransCyte, a temporary covering for full-thickness (or third-degree) burns and partial-thickness (or second-degree) burns was approved by the US FDA in March and October 1997, for each respective indication. The Company's second commercially available product, Dermagraft, a living human dermal replacement, was approved for sale in Canada in August 1997 and was launched in the United Kingdom in late 1997. Dermagraft is not yet approved for commercial sale in the US, but is available through a clinical protocol under a Treatment IDE (Investigational Device Exemption) for the treatment of diabetic foot ulcers. The Treatment IDE allows ATIS to recover manufacturing and distribution costs, but does not allow for active promotion until final product approval. Both TransCyte and Dermagraft are being commercialized through a joint venture with Smith & Nephew plc, a leading global wound-healing company.

SmallCaps Online LLC is a registered investment advisor focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that SmallCaps Online LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by SmallCaps Online LLC for the purchase or sale of any securities. SmallCaps Online LLC and/or any of its affiliates has performed investment banking, consulting or other services for ATIS and may solicit investment banking, consulting or other business from, any company mentioned in this release. SmallCaps Online LLC or any of its affiliates or persons associated with SmallCaps Online LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the SmallCaps Online LLC web site at www.SmallCapsOnline.com. This material, or any portion thereof, may not be reproduced without prior permission from SmallCaps Online LLC. SmallCaps Online LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright (C) 1999 by SmallCaps Online LLC. All rights reserved.