MicroCHIPS Receives Equity Investments from Leading Medical Technology Companies

Boston Scientific and Medtronic Join Company as Strategic Partners

Bedford, MA – October 19, 2005 – MicroCHIPS, a leading developer of innovative drug delivery and biosensing technologies, today announced that two of the world’s leading medical device companies, Boston Scientific Corporation and Medtronic, Inc. have joined the company as strategic investors.  Both of the companies have made equity investments in MicroCHIPS.  In addition, Medtronic is working with MicroCHIPS on a joint product development program.

Boston Scientific and Medtronic join existing investors in the company including Polaris Venture Partners, IDG Ventures, Care Capital, Intersouth Partners, and Boston University.  In addition to the investment, Dr. James Barry, Vice President, Corporate Research and Development at Boston Scientific, and Dr. Stephen Oesterle, Senior Vice President, Medicine and Technology at Medtronic, have joined the Company’s Board of Directors.

“We are thrilled with the addition of these two prestigious medical device companies to our team of investors and look forward to working with them on a number of important new product initiatives,” said Dr. John Santini, President of MicroCHIPS.  “As two of the leading medical technology companies in the world, they will provide invaluable strategic guidance as we continue with our product development efforts.”

About MicroCHIPS
MicroCHIPS, Inc. (www.mchips.com) develops devices for the controlled release of drugs and the selective exposure of biosensors using its patented reservoir array technologies. Any combination of drugs, chemicals, or biosensors can be stored in the reservoirs, thereby protecting these sensitive reservoir contents from the environment (e.g., a patient’s body) until they are needed. Preprogrammed microprocessors, wireless telemetry, or sensor feedback loops can be used to actively control the opening of the reservoirs to initiate drug release or expose enclosed biosensors. Alternatively, release or exposure of the reservoir contents can be passively controlled using layers or other combinations of polymeric matrices. MicroCHIPS was founded in 1999 by John Santini, Terry McGuire, and MIT Professors Robert Langer and Michael Cima.

Contact:
Cindy Sasso
MicroCHIPS, Inc.
781-275-1445 ext 200