Martek Announces Sale of Fluorescent Detection Products Business

29/06/07 Martek Biosciences Corporation has announced that its Board has approved the sale of the Company's Fluorescent Detection Products business for $900,000 in cash and a minority interest warrant position. The transaction is expected to close by the end of June. The buyer, Columbia Biosciences Corporation, is a newly formed company headquartered in Columbia, Maryland that was founded and is owned by Martek Chairman Henry "Pete" Linsert and six additional Martek employees working in the fluorescent detection area. Upon closing, Mr. Linsert will retire from his current positions as Director and Chairman of the Board of Martek and will no longer be a part-time employee of Martek. The Martek employees working in the fluorescent detection area will join the new company. Current Martek Director Robert J. Flanagan has been elected to replace Mr. Linsert as Chairman of Martek's Board of Directors.

Martek's sales of fluorescent marker products were less than $1 million in each of the last three years, and Martek's senior management determined that the business did not fall within the scope of Martek's current commercial focus. Accordingly, the Nominating and Corporate Governance Committee of Martek's Board of Directors engaged an independent financial advisory firm to conduct a competitive bid process that resulted in the agreement with Columbia Biosciences. Beyond its minority interest warrant position, Martek will have no other economic interest, funding or other obligations in or to the new entity, and the new entity will operate entirely independently of Martek.

"I believe the sale of the fluorescent detection business will enable us to increase our focus on our core infant formula business as well as our ambitious effort to expand the use of our life'sDHA into the food and beverage and supplement markets", said Steve Dubin, CEO. "I wish Pete and the other employees well as they leave Martek for this new endeavor."