Albany Molecular Research, Inc. Comments on Stock Price Volatility.

ALBANY, NY--(BUSINESS WIRE)--Sept. 15, 1999--

In view of the recent volatility in the company's stock price, senior management at Albany Molecular Research, Inc. (NASDAQ:AMRI) commented today that the recent downturn did not seem warranted in light of the company's sound financial footing and continued growth in its core business.

"It has come to our attention that the current volatility in AMRI stock price may be perceived as a harbinger of forthcoming bad news or negative performance," said Thomas E. D'Ambra, Ph.D., Chairman and Chief Executive Officer of Albany Molecular Research, Inc. "Such concerns are unwarranted. There are no negative developments that management is aware of. Our business is stronger today than at any time in the company's existence. We remain comfortable with analyst projections for AMRI revenue and earnings for the balance of 1999 and 2000. Demand for AMRI's contract services continues to increase. In recent weeks the company has received orders for $1.3 million for synthesis of an advanced intermediate, has signed a renewal contract for 12 months valued at approximately $975,000, and is in advanced stages of negotiation for two additional contracts valued in excess of $500,000 each. Many of our customers prefer to be low key about our relationships and we respect these wishes."

Commenting on AMRI's recently announced acquisition of EnzyMed, Inc., a privately held discovery research company, D'Ambra continued, "Our proposed acquisition of EnzyMed, Inc., which is expected to close in the fourth quarter, does not represent a shift in our business strategy from a fee for service business. To the contrary, EnzyMed brings to AMRI one-of-a-kind biocatalytic "tools" which complement our scientists' ability to create novel chemical derivatives for lead optimization and development. As drug discovery technology continues to evolve, we expect EnzyMed's proprietary position will provide our customers unique options to improve efficiency and productivity."

With regard to the acquisition of EnzyMed, Inc., David P. Waldek, Chief Financial Officer of Albany Molecular Research, Inc. stated, "The acquisition of EnzyMed will be handled as a 'pooling of interests,' totaling about $20.6 million in a stock exchange transaction. The acquisition will therefore have no effect on our cash reserves, but it will be slightly dilutive on 1999 full year projected earnings, when income statements for the full year are consolidated after the merger is completed in the fourth quarter. We expect EnzyMed to be accretive in 2000."

D'Ambra continued, "AMRI takes seriously its responsibility to our customers, our employees and our shareholders. Our success can only be achieved if we maintain the confidence of each."

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, including the risk that the acquisition of EnzyMed may not close. 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.