TheraSense, Inc. Files for Initial Public Offering

ALAMEDA, Calif., July 3, 2001 TheraSense, Inc., today announced that it has filed with the Securities and Exchange Commission a registration statement on Form S-1 for an initial public offering of its common stock.

The shares are expected to be offered to the public through an underwriting group managed by U.S. Bancorp Piper Jaffray, SG Cowen and Thomas Weisel Partners LLC.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Founded in 1996, TheraSense develops, manufactures and sells easy to use glucose self-monitoring systems that dramatically reduce the pain of testing for people with diabetes.

Charlie Liamos, CFO
TheraSense, Inc.
(510) 749-5400