Bone Care International: Files Registration Statement For Common Stock Offering

Contacts:

Bone Care International, Inc.
Brian J. Hayden
Chief Financial Officer
(608) 662-7800

Rx Communications Group, LLC
Melody A. Carey (Investors)
(917) 322-2571
Pete Holmberg (Media)
(917) 322-2164

Middleton WI, March 19, 2004 – Bone Care International, Inc. (Nasdaq: BCII) announced today that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed underwritten public offering of 4,500,000 shares of its common stock. The Company will offer 4,000,000 shares and a selling shareholder, Richard B. Mazess, Ph.D., founder and Board member of the Company, will offer 500,000 shares. The underwriters will have the option to purchase from the Company up to an additional 675,000 shares to cover over-allotments. The Company intends to use the proceeds from the sale of securities for general corporate purposes. The Company will not receive any portion of the proceeds of the sales by the selling stockholder.

Citigroup Inc. is acting as lead manager and Robert W. Baird & Co., First Albany Capital Inc., Adams, Harkness & Hill, and Roth Capital Partners are acting as co-managers. 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 any 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 state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

When available, copies of the preliminary prospectus relating to the offering may be obtained from Citigroup, 388 Greenwich Street, New York, N.Y. 10013.

Bone Care (www.bonecare.com) is a specialty pharmaceutical company engaged in discovery, development and commercialization of innovative therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. Our current commercial and therapeutic focus is in nephrology, utilizing our novel vitamin D hormone therapies, Hectorol® Injection and Hectorol® Capsules, to treat secondary hyperparathyroidism in patients with end-stage renal disease. In addition to chronic kidney disease, the Company is developing vitamin D hormone therapies to treat hyperproliferative disorders such as cancer and psoriasis.