BSMD Biosphere Medical (MM)

BioSphere Medical, Inc. (NASDAQ: BSMD) (“BioSphere” or the “Company”) – today reported that Mr. William M. Cousins, Jr. has notified BioSphere’s board of directors that he intends to tender his resignation and retire from the board as of the May 2010 Annual Shareholders Meeting. The Company has engaged Levin & Company, Inc. to assist in the search for a new director, and the board of directors is actively interviewing candidates to replace Mr. Cousins.

“We are grateful to Bill Cousins for his many years of service,” said David P. Southwell, BioSphere’s chairman of the board. “Bill was involved in BioSphere’s formation, and served as a member of the audit (Chairman), compensation, and nominating and corporate governance committees. In the last few years, BioSphere has grown to be the dominant provider of embolics for the uterus-sparing treatment of uterine fibroids, uterine fibroid embolization, and a leader in interventional oncology. We wish Bill the very best in his retirement, and it is with regret that we will accept his resignation from BioSphere’s board of directors effective in May.”

About BioSphere Medical, Inc.

BioSphere Medical, Inc. is the pioneer in the use of bioengineered microspheres to treat uterine fibroids, hypervascularized tumors and vascular malformations by a minimally invasive, image-guided medical procedure called embolotherapy. The Company uses its core technologies, patented bioengineered polymers and manufacturing methods, to produce microscopic spherical materials with unique beneficial properties for a variety of medical applications. BioSphere’s principal focus is the use of its products for the treatment of symptomatic uterine fibroids using a procedure called uterine fibroid embolization, or UFE. The Company’s products continue to gain acceptance in this rapidly emerging procedure, as well as in a number of other new and established medical treatments.

Cautionary Note Regarding Forward-Looking Statements

• This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may use words such as “plans,” “seeks,” “projects,” “believes,” “may,” “anticipates,” “estimates,” “should,” “intends,” “looking forward,” and similar expressions to identify these forward-looking statements. These statements are subject to risks and uncertainties and are based upon the Company’s beliefs and assumptions. There are a number of important factors that may affect the Company’s actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the Company’s control and are difficult to predict, including, without limitation, the risk factors described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and the Form 10-Q for the quarter ended September 30, 2009, each as filed by the Company with the Securities and Exchange Commission and as described in other filings made by the Company from time to time with the Securities and Exchange Commission.

In addition, the forward-looking statements included in this press release represent the Company’s estimates as of the date of this release. The Company anticipates that subsequent events and developments may cause its forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances after the date of this press release.

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