Message on 2005 & 2006
Message to Shareholders

In 1992 in Germany, Dr. Thomas J. Stegmann began efforts to treat circulatory disease, the leading cause of death in the developed world, by growing new blood vessels in the heart. A group of colleagues and I joined him in this venture in 1998, creating CardioVascular BioTherapeutics Inc. to bring his research to market. From this modest beginning, we have advanced CVBT toward our goals, proceeding with intensive clinical trials on our protein drug candidate FGF-1141 and raising over $33 million of investment capital.

Our opportunities continue to expand. In the process of investigating new possible applications for our drug candidate, we have identified many new potential medical applications that multiply well beyond what Dr. Stegmann and his colleagues had previously imagined. In 2005 we plan to begin clinical trials to test the application of FGF-1141 for a range of medical conditions beyond heart disease, including complications from diabetes such as neuropathy and wound healing disturbances, strokes, chronic back pain, and vascular disease of the legs.

The last seven years have been a great adventure. I believe the next seven years will be even more exciting for all of us. I continue to be astonished by the work of our medical team. In the next 24-36 months, we will know if we are succeeding in our mission to treat cardiovascular diseases.

I am pleased to be associated with all of the people who have helped us advance our mission: our investors, employees, consultants, advisors, clinical personnel, patients, friends, and others. Thank you for what you have helped us accomplish.

Daniel C. Montano

Chairman, President, and CEO
April 26, 2005

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