Albany Molecular Research, Inc. Renews and Expands Research Collaboration with Purdue Pharma in Contract Valued at $1 Million

Business Wire, Oct 20, 1999

ALBANY, N.Y.--(BUSINESS WIRE)--October 20, 1999--

Albany Molecular Research, Inc. (NASDAQ: AMRI) announced today that Norwalk, Connecticut-based pharmaceutical company Purdue Pharma L.P. has renewed and expanded its research collaboration with the Albany firm. The research contract, valued at approximately $1 million, calls for AMRI chemical scientists to work full time on Purdue Pharma projects over the next 12 months at AMRI's Albany facility.

"This agreement will take us into our fifth year of working with Purdue Pharma," said Thomas E. D'Ambra, Ph.D., the Chairman and Chief Executive Officer of Albany Molecular Research, Inc. "We are pleased to have extended this relationship for another year. In working with Purdue Pharma, we've had the pleasure of observing their development and emergence as a significant force in the biotechnology industry, and we are pleased to have made a small contribution to their success. This expansion in our relationship is also a tribute to AMRI's scientific staff, in that Purdue Pharma wants to continue working with them."

About Purdue Pharma, L.P.:

Purdue Pharma L.P. is a mid-sized, privately held, research-oriented pharmaceutical company headquartered in Norwalk, Connecticut. Purdue Pharma and its associated companies maintain a leading presence in the field of pain management, with products such as OxyContin(R) (oxycodone hydrochloride controlled-release tablets) and MS Contin(R) (morphine sulfate controlled-release tablets). Subsidiary Purdue BioPharma L.P. of Princeton, New Jersey specializes in the development of antibody-based therapeutics and vaccines. More information about Purdue Pharma L.P. can be found on its website at "http://www.pharma.com".

About Albany Molecular Research, Inc.:

Albany Molecular Research is an integrated chemistry outsourcing company that offers a broad range of chemistry research and development services to pharmaceutical and biotechnology companies involved in drug discovery and development. The Company offers services traditionally provided by chemistry divisions within pharmaceutical companies, including medicinal chemistry, chemical development, analytical chemistry, and small-scale manufacturing. The Company's objective is to be the leading provider of comprehensive outsourced chemistry research services to the pharmaceutical and biotechnology industries. More information about Albany Molecular Research, Inc. is available on the World Wide Web at "www.albmolecular.com".

Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The Company's actual results may differ materially from such forward-looking statements. Factors which could cause such differences are discussed in the Company's Annual Form 10-K for the year ended December 31, 1998 as filed with the Securities and Exchange Commission on March 31, 1999, as well as the Company's other SEC filings.