Martin J. Joyce, chief financial officer of Biosphere Medical, Inc. (NASDAQ: BSMD), a medical device company devoted to embolotherapy – a minimally invasive procedure performed primarily by interventional radiologists and neuroradiologists to treat hypervascularized tumors and arteriovenous malformations – recently presented at the Capstone Investment’s second-annual Small-Cap Investor Conference in Milwaukee, Wisconsin.

At the conference, Mr. Joyce announced that the company’s top-line sales have grown by an average of 20 percent since year-end 2004, and gross margins are now in the 70 percent range. Over the same period, the company has narrowed its net loss and has recorded a significant increase in cash flow. Looking ahead, Mr. Joyce went on to comment that BioSphere Medical will launch new market initiatives to further expand the company’s UFE presence in the United States and will expand its domestic sales force by 33 percent this year.

BioSphere Medical develops and commercializes products used in minimally invasive diagnostic and therapeutic applications. The company’s principal focus is the treatment of symptomatic uterine fibroids utilizing a procedure called Uterine Fibroid Embolization (UFE). Uterine fibroids are benign tumors that afflict approximately 25 million women in the United States alone, and it is estimated that nearly half of the 600,000 hysterectomies performed in the U.S. each year are due to fibroids. BioSphere Medical’s Embosphere® Microspheres was the first embolic cleared by the FDA for UFE.

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