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Conor Medsystems, Inc. Announces Initial Public Offering

MENLO PARK, Calif., Dec 14, 2004 /PRNewswire-FirstCall via COMTEX/ - Conor Medsystems, Inc. today announced the initial public offering of 6,000,000 shares of its common stock at an initial public offering price of $13 per share. Shares of Conor Medsystems' common stock will be traded on the Nasdaq National Market under the trading symbol "CONR." Conor Medsystems and the selling stockholder have granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock at the initial public offering price, less the underwriting discount, to cover over-allotments. Conor Medsystems will not receive any proceeds from the sale of shares by the selling stockholder in the offering. Citigroup Global Markets Inc. is acting as bookrunning manager of the offering. Citigroup Global Markets Inc., CIBC World Markets, SG Cowen & Co., Inc. and A.G. Edwards & Sons, Inc. are acting as representatives of the underwriters.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the final prospectus relating to the offering may be obtained from the prospectus department of Citigroup Global Markets Inc. (Prospectus Department, 140 58th Street, Brooklyn, NY 11220, Fax: 718-765-6734).

Conor Medsystems, Inc. develops innovative controlled vascular drug delivery technologies. Conor has initially focused on the development of drug-eluting stents to treat coronary artery disease.

SOURCE Conor Medsystems, Inc.

Michael Boennighausen, Chief Financial Officer of Conor Medsystems, Inc., +1-650-614-4100

http://www.conormed.com