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                                                                  Exhibit 99.1



                                           
CONTACT:                                -OR-     INVESTOR RELATIONS
Bio-Plexus, Inc.                                 COUNSEL:
Nancy Lautenbach   (860) 870-6112                The Equity Group Inc.
bio.plexus@snet.net                              Tom Ennis        (212) 836-9607
                                                 Devin Sullivan   (212) 836-9608
                                                 www.theequitygroup.com


                              FOR IMMEDIATE RELEASE

         BIO-PLEXUS TO UNDERTAKE RECAPITALIZATION AND NEW FINANCING PLAN

                  CONFERENCE CALL SCHEDULED FOR TUESDAY MORNING

Vernon, CT - March 19, 2001 - BIO-PLEXUS, INC. (OTCBB: BPLX-news), a leader in
the design, manufacture and marketing of safety medical needles and related
products, today announced that it has reached an agreement in principle with
Appaloosa Management, LP ("Appaloosa"), its principal lender, to implement a
plan with the goal of raising up to $10 million in new equity investment and
debt financing, eliminating the convertible debt held by Appaloosa and certain
related entities, and positioning the Company for future growth in the medical
safety needle industry.

The plan includes the following key components:

- -    CONVERSION OF APPALOOSA DEBT TO EQUITY
Appaloosa will convert its existing debt of approximately $19 million into 85%
of the Company's outstanding capital stock. Holders of Bio-Plexus Common Stock
will receive 1 (one) share of New Common Stock in exchange for 10 (ten) shares
of Old Common Stock. After this reverse stock split, the effective conversion
price will be approximately $2.28 per share ("Conversion Price").

- -    NEW EQUITY INVESTMENT OF $6 MILLION
On the effective date of the Plan, Appaloosa will also purchase $3 million of
Bio-Plexus common stock via a private placement at the Conversion Price. In
addition, Bio-Plexus will grant callable Warrants to Appaloosa to purchase $3
million of Common Stock, exercisable at the Conversion Price. Upon achieving
certain performance targets, Bio-Plexus will be able to call for redemption of
these warrants at $0.01, thereby serving as an incentive to Appaloosa to
exercise early and infuse the additional capital into the Company. Proceeds
from the private placement and Warrant exercise will be used for general
corporate purposes. Appaloosa's obligation to make the equity investments is
subject to certain conditions relating to the Company's new product development
programs.

With the balance sheet restructured and the infusion of new equity capital, the
Company plans to raise up to $4 million in additional funds through traditional
debt financing, lease financing, etc. to provide new working capital as needed.

The Company, as part of this restructuring, plans to file a voluntary petition
under Chapter 11 of the United States Bankruptcy Code. The Company believes that
this action is the quickest and most efficient way to restructure its balance
sheet and raise the necessary capital.
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The Company expects to complete its reorganization by the end of the second
quarter, 2001. Appaloosa will provide up to $300,000 in temporary funding, if
needed, during this transition period.

In connection with the restructuring, the Company plans to reincorporate in
Delaware and to implement a new equity incentive plan aimed at retaining key
employees.

John S. Metz, President and Chief Executive Officer of Bio-Plexus, commented,
"In addition to the proposed Appaloosa equity financing and elimination of debt,
there are several other positive aspects to this Plan, if successfully
implemented: (a) shareholders' equity will move from negative $3 million to
positive $19 million, (b) approximately $2.5 million in annual interest expense
is eliminated, and (c) current restrictive operating covenants are eliminated."

Mr. Metz continued, "Bio-Plexus has established itself as a world-class provider
of a comprehensive range of medical safety needles and related products. One of
the key objectives of the planned restructuring is to avoid interruption to the
day-to-day operations of the Company. We fully expect to meet the needs of our
customers, our commitments to employees and our obligations to suppliers. This
Plan, if successfully implemented, will result in a stronger Company poised for
accelerated growth."

Mr. Metz concluded, "We are proud that our products have a direct impact on the
safety and well-being of healthcare workers around the world. We are leveraging
our PUNCTUR-GUARD(R) technology to develop new, innovative products, and have
agreements in place with companies such as Johnson & Johnson (NYSE: JNJ-news),
Fresenius Medical Care, North America (NYSE: FMS-news) and Teleflex Medical,
which supplies C.R. Bard (NYSE: BCR-news). We announced in January 2001 that
Bio-Plexus had been granted 510(k) approval to market the PUNCTUR-GUARD(R)
Winged Set for Blood Collection and we anticipate that our plan of
reorganization will enable sales of this new product to commence later this
year."

INVESTOR CONFERENCE CALL

John S. Metz, President and Chief Executive Officer, will host a conference call
Tuesday morning, March 20, 2001 at 11:30 A.M. Eastern Time, to discuss this
recapitalization and new financing plan. To participate in the live conference
call with management, please call (212) 231-6048 five to ten minutes prior to
the start time.

If you are unable to participate in the live conference call with management or
want to listen to a replay, "Postview" will be available beginning Tuesday,
March 20, 2001 at 2:00 P.M. Eastern Time, through Wednesday, March 21, 2001, at
6:00 P.M. Eastern Time. The Postview dial-in number is (800) 633-8284
(domestic), or 858-812-6440 (international) and the reservation number is
18324859.

Bio-Plexus, Inc. (OTCBB: BPLX-news), designs, develops, manufactures and holds
U.S. and international patents on safety medical needles and other products
under the PUNCTUR-GUARD(R), DROP-IT(R), and PUNCTUR-GUARD REVOLUTION(TM) brand
names. For independent evaluations of the PUNCTUR-GUARD(R) blood collection
needle, refer to the Centers for Disease Control (MMWR, January 1997) and ECRI
(Health Devices, June 1998 and October 1999) studies. Accidental needlesticks
number about one million per year in the United States and can result in the
transmission of deadly diseases including HIV and Hepatitis B and C.

NOTE: THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
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1995. FORWARD-LOOKING STATEMENTS ARE IDENTIFIED BY THE USE OF SUCH TERMINOLOGY
AS "BELIEVES," "EXPECTS," "MAY," "WILL," "SHOULD," "ANTICIPATES," "PLANS,"
"ESTIMATES," AND "INTENDS" OR DERIVATIONS OR NEGATIVES THEREOF OR COMPARABLE
TERMINOLOGY. ACCORDINGLY, SUCH STATEMENTS INVOLVE RISKS (KNOWN AND UNKNOWN) AND
UNCERTAINTIES. THE COMPANY'S ABILITY TO ACHIEVE THE OBJECTIVES OF ITS
REORGANIZATION PLAN WILL DEPEND ON A MULTITUDE OF FACTORS, INCLUDING THE TIMELY
APPROVAL OF THE PLAN BY THE BANKRUPTCY COURT AND AFFECTED PARTIES, THE
AVAILABILITY OF SUFFICIENT CAPITAL TO FUND THE COMPANY'S OPERATIONS DURING THE
BANKRUPTCY PROCEEDINGS AND THE CONTINUED WILLINGNESS OF THE COMPANY'S CUSTOMERS,
VENDORS AND EMPLOYEES TO MAINTAIN THEIR RELATIONSHIPS WITH THE COMPANY DURING
THIS PERIOD. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR ADVISE UPON ANY
SUCH FORWARD-LOOKING STATEMENT.