Shareholder Class Action Filed Against Vaso Active Pharmaceuticals, Inc. by The Law Firm of Schiffrin & Barroway, LLP -- VAPH

Radnor, Pennsylvania, UNITED STATES


BALA CYNWYD, Pa., April 9, 2004 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Vaso Active Pharmaceuticals, Inc. (Other OTC:VAPH) ("Vaso Active" or the "Company") publicly traded securities during the period between December 11, 2003 and March 31, 2004, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges Vaso Active and certain of its officers and directors with violations of the Securities Exchange Act of 1934 (the "Exchange Act"). The complaint alleges that during the Class Period, defendants issued false and misleading statements to the marketplace that artificially inflated the price of Vaso Active shares.

In particular, the Company misrepresented its business and future prospects by claiming that "independent" clinical trials confirmed that its foot cream product -- Termin8 -- was a "remarkably effective cure" for athlete's foot. Specifically, the Company represented that the clinical trials were conducted by "independent physicians" and reviewed by the New England Medical Center, in Boston, MA. In fact, however, the person who supervised the study was a lone podiatrist hand-picked by Vaso Active's parent company, BioChemics Inc. Furthermore, the New England Medical Center did nothing more than analyze the statistical information gathered by BioChemics Inc. -- something the center does all the time for paying customers. In news articles, the medical center confirmed that it was unable to draw any conclusions about the effectiveness of the product, since it had no hand in selecting the patients and gathering the evidence.

On March 31, 2004, financial markets were stunned when the SEC halted the trading of the Company's stock. The SEC release questioned the accuracy of assertions made in the company's press releases, annual report, registration statement and public statements to investors.

Prior to the disclosure of the adverse facts described above, the Company completed an IPO during December 2003 and a private placement during March 2004, generating over $15 million in illicit proceeds.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not later than June 7, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, LLP, or other counsel of your choice, to serve as your counsel in this action.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca


        

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