Martek Sells $9.1 Million of Common Stock and Warrants in Private Financing.

COLUMBIA, Md.--(BUSINESS WIRE)--May 22, 1995--Martek Biosciences Corp. (NASDAQ:MATK) today announced the sale of 915,816 shares of its common stock and warrants to purchase 320,215 shares of its common stock for an aggregate consideration of $9.1 million to institutional investors. The warrants are exercisable for a period of three years at a price of $9.91 per share purchased. Consideration for the common stock and warrants as well as the warrant exercise price was based on the average closing price of Martek's common stock for the thirty trading days ending on May 18, 1995. These securities have not been registered under the Securities Act of 1933, as amended or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The net proceeds from the sale of these securities will provide the Company with additional resources for the commercialization of its DHA - and arachidonic acids - containing oils for infant formula supplementation, capsules for the adult supplement market and other food products.

This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or an exemption from such registration or qualification is available.

Martek Biosciences Corp. is engaged in the research, development and manufacturing of nutritional supplements, drug design tools, diagnostics and pharmaceuticals from microalge. The Company's strategy is to access the vast, but largely untapped microalgal kingdom to create a broad portfolio of high-value products that uniquely satisfy unmet nutritional and health needs.

CONTACT: Steve Dubin

410/740-0081