Creative BioMolecules and Stryker Respond to Hart-Scott-Rodino Filing Disclosure

Hopkinton, MA, and Kalamazoo, MI, August 20, 1998—Creative BioMolecules (Nasdaq: CBMI) and Stryker Corporation (NYSE: SYK) announced today that the Federal Trade Commission has granted early termination of the waiting period with respect to a recent Hart-Scott-Rodino filing made by them. They confirmed that they are in discussions regarding a business transaction associated with the companies’ existing partnership in orthopaedic and dental reconstruction. The discussions do not contemplate an acquisition of Creative BioMolecules by Stryker. A definitive agreement has not been reached between the companies and the parties may or may not reach such an agreement.

This news release includes forward-looking statements that involve risks and uncertainties. Factors which could cause actual results to differ from the companies’ expectations include, without limitation, the parties’ ability to reach a mutually acceptable definitive agreement, satisfactory completion of the transaction, and the other risks and uncertainties detailed from time to time in the companies’ periodic reports.

Creative BioMolecules, Inc. is a discovery and development company focused on proprietary protein-based therapeutics for human tissue regeneration and restoration. The Company’s morphogenic protein programs include a late stage development effort in orthopaedic reconstruction with Stryker Corporation, ongoing research to develop treatments for renal disease with Biogen, Inc., and the development of proprietary new therapies for stroke and other neurological disorders.

Stryker Corporation develops, manufactures and markets specialty surgical and medical products, including orthopaedic implants, powered surgical instruments, endoscopic systems and patient care and handling equipment for the global market and provides outpatient physical therapy services in the United States.

NOTE: Creative BioMolecules, Inc. makes available its latest news releases on the Internet at http://www.creativebio.com and at http://www.prnewswire.com or by facsimile by calling Fax On Demand at 1-800-758-5804, extension 212213.

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


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