SUNNYVALE, Calif., July 7 /PRNewswire/ -- Biocircuits Corporation
(Nasdaq: BIOC) today announced that the Company had received approximately
$5.1 million upon the completion of a private placement consisting of a unit
of one common share and a warrant to purchase one common share.
    The financing follows the announcement of the signing of a non-binding
letter of intent with Becton Dickinson to enter into a marketing and
manufacturing agreement for the IOS(R) system and related cartridges.  The
Agreement would grant exclusive worldwide marketing rights to Becton Dickinson
and in addition would give them the right to assume the manufacturing of the
IOS(R) instrument in 1998.  Biocircuits will continue to develop and
manufacture cartridges for transfer to Becton Dickinson.
    Actual results may differ materially from the above forward-looking
statements due to a number of important factors, and will be dependent upon
the Company's ability, directly or through third parties, to successfully
manufacture and market its existing and proposed products, as well as the
timely development and regulatory approval of additional products.  These
factors are more fully discussed in the Company's most recent report on Form
10-K.  Further, since the letter of intent with Becton Dickinson is not
legally binding, there can be no assurances that a final agreement will be
negotiated and finalized.

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