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Conor Medsystems, Inc. Announces Exercise of Over-Allotment Option

MENLO PARK, Calif., Jan 07, 2005 /PRNewswire-FirstCall via COMTEX/ - Conor Medsystems, Inc. (Nasdaq: CONR) announced today that the underwriters of the company's recent initial public offering of its common stock have exercised in full their over-allotment option to purchase an additional 900,000 shares of the company's common stock at a price of $13 per share, before deducting underwriting discounts and commissions. Of these shares, 642,000 shares were issued and sold by the company and 258,000 shares were sold by a selling stockholder. Conor Medsystems did not receive any proceeds from the sale of shares by the selling stockholder.

Citigroup Global Markets Inc. acted as bookrunning manager of the company's initial public offering. Citigroup Global Markets Inc., CIBC World Markets, SG Cowen & Co., Inc. and A.G. Edwards & Sons, Inc. acted as representatives of the underwriters.

Registration statements relating to these securities were filed with the U.S. Securities and Exchange Commission and have become effective. 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 company's initial public 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

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