Medamicus, Inc. File no. 0-19467
                                                                    Exhibit 99.3



FOR IMMEDIATE RELEASE                                   CONTACT: JIM HARTMAN
                                                                 MEDAMICUS, INC.
                                                                 (763) 577-2212


JULY 22, 2003

    MEDAMICUS, INC. TO ACQUIRE OPERATING ASSETS OF BIOMEC CARDIOVASCULAR INC.


Medamicus, Inc. today announced that it has entered into a definitive agreement
to acquire the operating assets of BIOMEC Cardiovascular Inc. ("BCI"), a
Minneapolis based developer and manufacturer of implantable stimulation leads,
lead delivery systems and accessories for cardiac rhythm management and
neuromodulation. BCI is a subsidiary of BIOMEC Inc., a privately held medical
technology company headquartered in Cleveland, Ohio.

The definitive agreement provides for the acquisition by Medamicus of
substantially all of the assets of BCI through a newly formed, wholly owned
subsidiary of Medamicus. Medamicus has agreed to pay $18.0 million at closing,
plus or minus specified adjustments. In addition, under the agreement, Medamicus
has agreed to make a contingent payment based on total 2003 sales of BCI prior
to the acquisition and Medamicus's BCI unit after the acquisition and a second
contingent payment based upon sales of the Medamicus BCI unit's proprietary
products in 2004 in excess of 2003 proprietary sales.

Under the agreement, Medamicus is obligated to pay at closing not less than $7.0
million in cash and not less than $7.0 million through issuance of newly issued
Medamicus, Inc. common stock valued at $7.50 per share. The remaining $4.0
million, subject to the adjustments, is payable by Medamicus at its option
either in cash or by an additional issuance of Medamicus common stock valued at
$7.50 per share or a combination of cash and stock. If Medamicus paid the
minimum amount of the closing price in stock, it would issue 933,333 shares, and
if Medamicus paid the estimated maximum amount of the closing price in stock, it
would issue 1,466,667 shares. As of July 18, 2003, Medamicus had 4,739,293
shares of common stock outstanding.

Each of the 2003 and the 2004 Contingent Payment is to be made in a combination
of cash and of stock valued at the then-current market price.

Jim Hartman, President and CEO of Medamicus, said, "I am pleased to announce
this business combination with BCI. We expect this transaction to significantly
expand our product line into complementary high growth markets, broaden our
intellectual property portfolio, diversify our OEM customer base and add to our
team of skilled and experienced managers and employees. BCI's business model of
OEM sales coupled with proprietary product development is similar to that of
Medamicus. The combination with BCI will materially enhance our ability to
continue to provide world-class, value-added design and manufacturing services
to OEM customers such as Bard, Cook, Guidant, Medtronic and St. Jude Medical.
BCI's sales more than doubled to $4.5 million in the first half of 2003 compared
to the same period in 2002 and we expect that its sales for all of 2003 will be
in excess of $9 million."

Trevor O. Jones, BIOMEC's Chairman and CEO, who will be elected to the Medamicus
board and become its new Vice Chairman, stated that "BIOMEC's board
enthusiastically endorses this opportunity and considers it a sound investment
in a dynamic company with outstanding growth potential. The combination is an
excellent synergistic fit of the two companies to the benefit of all
shareholders." Mr. Jones added "this combination does not impact BIOMEC's
Cleveland operations, which will continue in their current form."

Vince Owens, President and CEO of BCI, said "Biomec Cardiovascular's sales have
grown significantly over the last nine months due to our focused strategy on
proprietary permanent implantable leads and delivery systems targeted for the
cardiac rhythm




management and neuromodulation markets. This business combination will allow us
to accelerate the development of new specialized implantable leads with delivery
systems that enable less invasive and more efficient placement in and on the
heart, brain and spinal cord."

The board of directors of Medamicus, Inc. as well as the boards of directors of
BCI and BIOMEC Inc., have approved the acquisition and unanimously recommended
approval by its respective shareholders. Besides requiring approval by the
shareholders of Medamicus and BIOMEC Inc., the transaction is subject to SEC
review, the absence of material adverse events and other customary closing
conditions. The transaction is expected to close on or about September 30, 2003.
Franklin Capital Partners, Inc. initiated this transaction on behalf of
Medamicus and served as exclusive acquisition adviser to Medamicus. Goldsmith,
Agio, Helms & Lynner, LLC reviewed the transaction for fairness from a financial
point of view to the Medamicus shareholders and provided an opinion to that
effect to the Medamicus board of directors. The issuance of the Medamicus common
stock requires the approval of the Medamicus shareholders under applicable
Nasdaq listing standards. As a condition of the agreement, Medamicus will apply
for listing of its common stock on the Nasdaq National Market System.

Medamicus, Inc., based in Plymouth, Minnesota, is a medical products company
engaged in the design, development, manufacture and marketing of percutaneous
delivery systems. Its products include venous vessel introducers, safety needles
and other disposable delivery products for use in the implantation of
pacemakers, defibrillators, catheters and infusion ports sold through OEM
relationships with other medical device companies.

Headquartered in Minneapolis, Minnesota, BIOMEC Cardiovascular Inc. is a
developer and manufacturer of implantable stimulation leads, lead delivery
systems, and lead accessories for cardiac rhythm management, neuromodulation,
and hearing -restoration markets. Headquartered in Cleveland, Ohio, BIOMEC Inc.
is a leading researcher, developer and manufacturer of advanced medical
technologies.

This news release contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Certain important factors could cause
results to differ materially from those anticipated by some statements made
herein. All forward-looking statements involve risks and uncertainties. A number
of factors that could cause results to differ materially are discussed in our
Annual Report on Form 10-KSB for the year ended December 31, 2002. Among the
factors that could cause results to differ materially are the following: the
ability of Medamicus to obtain approval of the transaction by Medamicus and
BIOMEC shareholders; the ability of Medamicus to successfully integrate the
acquired business; Medamicus's dependence upon a limited number of key customers
for its revenue; Medamicus's dependence upon licensing agreements with third
parties for the technology underlying some of its products, especially the
safety needle; the ability of Medamicus to negotiate and enter into safety
needle supply agreements with major medical device companies, and the ability of
Medamicus and these customers to achieve market acceptance of the safety needle;
Medamicus's ability to effectively manufacture its safety needle using its
automated safety needle assembly equipment in anticipated required quantities;
Medamicus's ability to successfully manufacture and introduce its FlowGuard
valved peelable introducer; Medamicus's ability to develop or acquire new
products to increase its revenues; Medamicus's ability to attract and retain key
personnel; introduction of competitive products; patent and government
regulatory matters; economic conditions; and Medamicus's ability to raise
capital. All forward-looking statements of Medamicus, whether written or oral,
and whether made by or on behalf of Medamicus, are expressly qualified by these
cautionary statements. In addition, Medamicus disclaims any obligation to update
forward-looking statements to reflect events or circumstances after the date
hereof.

Medamicus intends to file a registration statement on Form S-4 in connection
with the transaction, and Medamicus and BIOMEC Inc. intend to mail a joint proxy
statement/prospectus to their respective shareholders in connection with the
transaction. Investors and security-holders of Medamicus and BIOMEC are urged to
read the joint proxy statement/prospectus when it becomes available because it
will contain important information about the companies, the transaction, the
persons soliciting proxies relating to the transaction, their interests in the
transaction, and related matters. When available, investors and security-holders
may obtain a free copy of the joint proxy statement/prospectus at the SEC's web
site at www.sec.gov. A free copy of the joint proxy statement/prospectus may
also be obtained from either of the companies.