LAKE FOREST, Calif.--(BUSINESS WIRE)--April 19, 2004--

I-Flow Corporation today announced the completion of its public offering of 2,600,000 shares of common stock and the closing of the exercise of the underwriters' over-allotment option to purchase 390,000 shares of common stock. The proceeds to the Company from the sale of the 2,990,000 shares, net of underwriters' commissions and discounts and estimated expenses, was approximately $43.0 million.

SG Cowen Securities Corporation acted as the lead manager for the offering. Co-managers for the offering were First Albany Capital Inc., Lazard Freres & Co. LLC, Roth Capital Partners, LLC and Merriman Curhan Ford & Co. A copy of the prospectus supplement and the accompanying prospectus related to the offering can be obtained from SG Cowen Securities Corporation, 1221 Avenue of the Americas, 6th Floor, New York, N.Y. 10020, or through ADP by fax at 631-254-7268.

A shelf registration statement relating to the shares has previously been filed with, and declared effective by, the Securities and Exchange Commission. 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.

I-Flow Corporation designs, develops and markets technically advanced, low-cost drug delivery systems and services that provide life-enhancing, cost-effective solutions for pain relief and intravenous therapy.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from current expectations. The prospectus supplement and related prospectus contain important information, and potential investors are urged to read these documents and other relevant documents filed by the Company with the Securities and Exchange Commission.

    CONTACT: I-Flow Corporation
             James R. Talevich, 949-206-2700
             www.IFLO.com
               or
             Berkman Associates (investors)
             John Hicks, 310-277-5162
             info@BerkmanAssociates.com

    SOURCE: I-Flow Corporation