Albany Molecular Research, Inc. Announces Agreement with Myriad Genetics.

Business Editors & Health/Medical Writers

ALBANY, N.Y.--(BUSINESS WIRE)--Jan. 28, 2002

Albany Molecular Research, Inc. (NASDAQ: AMRI) today announced a multi-year agreement with Myriad Genetics, Inc. (Nasdaq: MYGN) to conduct chemistry research and development in important therapeutic areas.

Under the terms of the agreement, AMRI will prepare compounds for biological screening by Myriad, with the goal of identifying and developing novel therapeutics. AMRI may conduct a variety of drug discovery-related chemistry research--including design and synthesis of potential drug therapeutics, computer-assisted drug design, chemical process research, and analytical chemistry--on compounds provided by Myriad. The first project will begin in January 2002 and continue for up to one year, with the possibility of early termination or renewal. Myriad and AMRI will jointly determine the scope and duration of any future research projects conducted under the agreement. Financial details were not disclosed.

"We are delighted to begin working with Myriad Pharmaceuticals," said AMRI Chairman and Chief Executive Officer Thomas E. D'Ambra, Ph.D. "Myriad has distinguished itself in building a high throughput drug target identification and validation technology platform on the back of its genomics expertise and predictive medicine business. This has been complemented by an experienced team of pharmaceutical industry professionals who know what is required to bring drugs into development and ultimately to market. This agreement gives Myriad access to AMRI's full range of chemistry expertise, from discovery research to chemical development and manufacturing."

"We are excited about working with AMRI," said Myriad Pharmaceuticals, Inc. President Adrian N. Hobden, Ph.D. "We expect AMRI's chemistry capabilities to complement our own internal research and development efforts, and look forward to creating fully integrated drug discovery project teams."

Albany Molecular Research, Inc. is a chemistry-based drug discovery and development company, focusing on applications for new small molecule prescription drugs. The company conducts R&D projects and collaborates with many leading pharmaceutical, biotechnology and genomics companies, and is developing new chemistry technology for potential prescription drug applications.

Based in Salt Lake City, Myriad Genetics, Inc. is a biopharmaceutical company focused on the development of novel therapeutic products derived from its proprietary genomic and proteomic technologies. The company has established two wholly owned subsidiaries. Myriad Pharmaceuticals, Inc. develops and intends to market therapeutic compounds, and Myriad Genetic Laboratories, Inc. develops and markets proprietary predictive medicine and personalized medicine products. Myriad has established strategic alliances with Bayer, Eli Lilly, Hitachi, Novartis, Oracle, Pharmacia, Roche, Schering AG, Schering-Plough and Syngenta.

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. These statements may be identified by forward-looking words such as "may," "could," "should," "would," "will," "intend," "expect," "anticipate," "believe" and "continue" or similar words. Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to (a) the company's ability to attract and retain experienced scientists, (b) trends in pharmaceutical and biotechnology companies outsourcing chemical research and development, (c) the company's ability to take advantage of proprietary technology and expand the scientific tools available to it, (d) the company's performance under the contract with Myriad, (e) Myriad's continuous utilization of the company's services at levels set forth in the contract and (f) Myriad's continued pursuit of programs under which the company provides services, as well as those factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2000 as filed with the Securities and Exchange Commission on April 2, 2001 and the company's other SEC filings. The company does not undertake any duty to and does not intend to update any forward-looking statements contained in this press release after the date of this press release.