May 18, 2005

BioMimetic Pharmaceuticals Raises Additional $11.8 Million in Equity Financing

Franklin, TN, May 18, 2005 – BioMimetic Pharmaceuticals, a bio-therapeutics company focused on the development of products for the treatment of musculoskeletal disorders, today announced a second closing of its Series C round of financing raising an additional $11.8 million.  This brings the total funds raised in the Series C round to approximately $38 million.  The Company raised $25.7 million in an earlier closing of the Series C round.  Investors in the most recent financing include Noro-Moseley, PTV Sciences, Axiom Ventures and HSS Ventures.  Prior investors in the round included InterWest Partners, CMEA Ventures, MC Life Science Ventures, Burrill & Company, Novo A/S, Holden Capital, MB Venture Partners, and Knowledge Ventures LLC.

“We are pleased with the level of support that we received from both the new and existing investors in this Series C financing,” commented Samuel E. Lynch, D.M.D., D.M.Sc., Chairman and Chief Executive Officer of BioMimetic Pharmaceuticals.  “In addition to supporting the final phases of FDA approval and the launch of our lead product candidate, GEM 21STM, the additional funds raised will help us advance our multi-product orthopedic pipeline deep into clinical development.  The total amount of funding obtained from our Series C round demonstrates the high level of enthusiasm and support from the investment community for our product development strategy.” 

The funds raised in this financing will also be used to build commercial inventory for the Company’s lead product candidate GEM 21STM, being developed for the treatment of bone defects in the jaw and maxillofacial region, add key personnel, and expand the Company’s corporate facilities to include research and development space.  With the closing of this financing, BioMimetic has now raised approximately $51 million in equity funding since inception in 2001. 

“Noro-Moseley is excited to join BioMimetic in its development of novel therapeutics for the treatment of musculoskeletal disorders,” stated Rusty French, Partner at Noro-Moseley.  “The Company’s initial focus on products to stimulate the regeneration of bone addresses a large and growing need that has been at the forefront of research for manyyears.  The success of the Company’s lead product candidate to stimulate the growth of bone, as demonstrated in human clinical studies, is a critical milestone in validating the technology for future product development in orthopedic and spine applications.” 

“One of the key points in our decision to invest in BioMimetic,” commented Evan S. Melrose, M.D., Managing Director at PTV Sciences, “was Company management’s proven ability to execute on its product development strategy. This has led to the rapid advancement of the Company’s lead product candidate into and through clinical development, positioning the Company to launch its first product later this year.  This clearly places BioMimetic as a leader in the development of true biological-based therapies for the treatment of bone injuries.” 

GEM 21STM is a fully synthetic regeneration system combining recombinant human platelet-derived growth factor BB (rhPDGF-BB) with a resorbable synthetic bone matrix (Beta-tricalcium phosphate).  GEM 21STM has advanced through pivotal clinical studies, receiving a unanimous approval recommendation from the FDA’s Dental Advisory Panel.  The Company, which has entered into an exclusive world-wide marketing and distribution partnership with Luitpold Pharmaceuticals, a division of Sankyo Pharmaceuticals, for GEM 21STM, anticipates product approval later this year. 

Beyond GEM 21STM, the Company is developing a pipeline of product candidates that target diverse orthopedic indications including open and closed fractures, vertebral compression fractures in the spine and sports medicine applications such as cartilage, tendon and ligament repair.  The Company expects to initiate clinical trials in fracture repair in 2005.

About BioMimetic Pharmaceuticals
BioMimetic Pharmaceuticals, Inc. is a late-stage bio-therapeutics company focused on the development and commercialization of innovative protein-based products for the treatment of musculoskeletal and orthopedic disorders including bone, cartilage, tendon and ligament injuries - the most frequent cause of disability worldwide. For more information visit www.biomimetics.com.

Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current intent and expectations of the management of BioMimetic Pharmaceuticals. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. BioMimetic’s actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements because of risks associated with our unproven preclinical and clinical development activities, regulatory oversight, intellectual property claims, litigation and other risks.  Except as required by law, BioMimetic undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.

Contact:
Charles E. Hart, Ph.D.
Vice President – Chief Scientific Officer
BioMimetic Pharmaceuticals, Inc.
330 Mallory Station, Suite A-1
Franklin, TN 37067
(615) 844-1280
ch@biomimetics.com



ABOUT AXIOM VENTURE PARTNERS
Axiom Venture Partners provides capital and strategic assistance to rapidly growing high technology companies. With over $185M in committed capital under management, the firm has particular emphasis in three main areas: Communications, Software Infrastructure/Internet, and Biotechnology. Axiom invests from early to late stages, is active throughout the United States, and has five investment professionals in two offices. Axiom has had multiple IPOs and transactions and ranks in the top quartile for venture funds in returns. The firm is currently investing Axiom Venture Partners III.