Creative BioMolecules, Inc. Appoints Suzanne Denbo Jaffe to Board of Directors 

Hopkinton, MA, March 11, 1997--Creative BioMolecules, Inc. (Nasdaq: CBMI) today announced that the Company has appointed to its Board of Directors Suzanne Denbo Jaffe, Managing Director of Hamilton & Co. of New York City.

"Ms. Jaffe’s successful track record in finance and investment management adds strength to our Board," said Michael Tarnow, President and Chief Executive Officer of Creative BioMolecules. "We look forward to her contributions as we guide the Company through the next stage of growth."

Prior to her position at Hamilton & Co., Ms. Jaffe served as Deputy Comptroller of New York State, where she oversaw the investment of the State’s $24 billion pension fund as well as all of the State’s cash assets. In addition, she has held a number of positions in private corporations, including Partner of Century Capital Associates, where she handled the leveraged buy-out of Congoleum Corp., Managing Director of Angelo, Gordon & Co. and securities analyst at L.M. Rosenthal.

Ms. Jaffe was appointed as the first public member on the Board of Trustees of the Social Security and Medicare Trust Funds. She also serves on the President’s Council of Memorial Sloan-Kettering Cancer Center, as a trustee of Fordham University, as an associate trustee of the University of Pennsylvania and as a director of the International Women’s Forum, Olin Corp., Axel Johnson, Inc., and Research Corp. Ms. Jaffe received her B.A. from the University of Pennsylvania and completed graduate work at New York 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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