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NEWS
[NORTHFIELD LABORATORIES INC. LETTERHEAD]
FOR IMMEDIATE RELEASE
THURSDAY, SEPTEMBER 12, 2002
NORTHFIELD RESPONDS TO FALSE ACCUSATIONS BY C. ROBERT COATES
EVANSTON, ILLINOIS, SEPTEMBER 12, 2002 - NORTHFIELD LABORATORIES INC.
(NASDAQ/NMS: NFLD), a leading developer of an oxygen-carrying blood substitute
for trauma and elective surgery situations, today responded to recent false
accusations made by dissident shareholder C. Robert Coates regarding
Institutional Shareholder Services (ISS), the nation's leading independent
voting advisory firm. ISS has recommended that its clients vote in favor of
Northfield's seven director nominees at the annual meeting of shareholders to be
held on September 13, 2002.
Steven A. Gould, M.D., Northfield's Chairman and Chief Executive Officer, said,
"I am disappointed with Mr. Coates's comments and false accusations that
suggested that Northfield somehow misled ISS. ISS is a highly respected,
independent organization whose mandate is to provide objective analyses and
recommendations on proxy voting and corporate governance issues. Northfield
provided honest and factual information to ISS, and ISS made its decision,
giving Northfield a strong endorsement in recommending a vote for the Board's
nominees.
"I believe that Mr. Coates's recent actions and false accusations are reckless
and potentially damaging and indicate precisely the reasons that Northfield's
Nominating Committee felt that neither Mr. Coates nor Mr. Williams had the
credentials, qualities or character appropriate for membership on our Board of
Directors."
Statements in this release that are not strictly historical are
"forward-looking" statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks, which may cause the
company's actual results in the future to differ materially from expected
results. These risks include, among others: competition from other blood
substitute products; the company's ability to obtain regulatory approval to
market PolyHeme commercially; the company's and/or its representative's ability
to successfully market and sell PolyHeme; the company's ability to manufacture
PolyHeme in sufficient quantities; the company's ability to obtain an adequate
supply of raw materials; the company's ability to maintain intellectual property
protection for its proprietary product and to defend its existing intellectual
property rights from challenges by third parties; the availability of capital to
finance planned growth; and the extent to which the hospitals
MORE
NORTHFIELD LABORATORIES INC.
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and physicians using PolyHeme are able to obtain third-party reimbursement, as
described in the company's filings with the Securities and Exchange Commission.
VISIT THE NORTHFIELD WEBSITE AT: www.northfieldlabs.com
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