Creative BioMolecules, Inc. Appoints Key Members of Managment Team

Cheryl Lawton named Vice President and General Counsel and Steven Basta named Vice President of Corporate Development and Investor Relations

Hopkinton, MA, February 27, 1997--Creative BioMolecules, Inc. (Nasdaq: CBMI) today announced that it has appointed two key members of the Company’s management team. The Company named Cheryl Lawton Vice President and General Counsel and named Steven Basta Vice President of Corporate Development and Investor Relations.

"Ms. Lawton and Mr. Basta bring both experience and talent to our organization. They have each held important positions in the biopharmaceutical industry and will make major contributions to Creative’s future success," said Michael Tarnow, President and Chief Executive Officer of Creative BioMolecules. "These appointments broaden our management team as we advance toward the commercialization of our lead product in bone repair therapy with our partner, Stryker Corporation, launch a substantial renal therapy partnership with Biogen, Inc., and expand our internal product development programs."

Cheryl Lawton joins Creative from Medisense, Inc., an international medical device manufacturer, where she served as Vice President and General Counsel. Prior to Medisense, Ms. Lawton served in the corporate legal departments of several healthcare and biotechnology companies. Ms. Lawton’s legal expertise includes intellectual property, research and development agreements, technology transfer, acquisitions and healthcare regulatory and product-related issues. Ms. Lawton received her J.D. from Suffolk University Law School and her B.A. from Lehigh University.

Steven Basta joins Creative from Jundt Associates, an investment management firm. Mr. Basta previously held several positions with The Immune Response Corporation, a biopharmaceutical company, serving most recently as Executive Director of Product Development. He brings expertise in biopharmaceutical development, corporate development, financial and strategic planning, and investor relations. Mr. Basta received his M.B.A. from the Kellogg Graduate School of Management, Northwestern University, and his B.A. from The Johns Hopkins University.

The statements in this news release that are not historical facts include forward-looking statements that involve risks and uncertainties. Factors which could cause actual results to differ from the Company’s expectations include, without limitation, the achievement of product development milestones by the Company, the impact of competitive products, the timely receipt of regulatory clearances required for clinical testing, manufacturing and marketing of products and the other risks and uncertainties detailed from time to time in the Company’s periodic reports.

Creative BioMolecules is a discovery and development company focused on proprietary protein-based therapeutics for human tissue regeneration and restoration. The Company’s therapeutics are based on proteins that act as signals in initiating and regulating the cellular events involved in cell and tissue formation.

NOTE: Creative BioMolecules’ latest press releases are available on the Internet at http://www.prnewswire.com or they may be requested by fax by calling 800-758-5804, extension 212213.

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For additional information on this news release, please contact the Company.


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