Devax, Inc. Files for $85 Million IPO

IRVINE, Calif.--(BUSINESS WIRE)--Devax, Inc. (“Devax”) announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”) relating to the proposed initial public offering of shares of its common stock. It is expected that all shares of the common stock to be sold in this offering will be sold by Devax.

Bear, Stearns & Co. Inc. and Thomas Weisel Partners LLC will act as joint book-running managers for the offering with CIBC World Markets and A.G. Edwards acting as co-managers. The number of shares to be offered and the price range for the offering have yet to be determined.

A registration statement relating to these securities has been filed with the SEC, but it has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This offering will be made only by means of a prospectus. A written preliminary prospectus related to the offering may be obtained, when available, from either Bear, Stearns & Co. Inc. c/o Prospectus Department, 383 Madison Avenue, New York, New York 10179, telephone (866) 803-9204, or Thomas Weisel Partners LLC, One Montgomery Street, Suite 3700, San Francisco, California 94104, telephone (415) 364-2720.

About Devax, Inc.

Devax is a medical device company focused on the development and commercialization of novel drug-eluting stent systems for the treatment of bifurcation lesions, or vascular disease occurring at the division of one artery into two. Devax was incorporated in Delaware in August 1999 and is headquartered in Lake Forest, California. Contacts

Devax, Inc. Stephen L. Wilson, Chief Financial Officer, 949-334-2333

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