UTEK Corporation and Acumen BioFin, a Division of Rodman & Renshaw, LLC Enter Into a Master Strategic Alliance Agreement.

TAMPA, Fla. & NEW YORK -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Acumen BioFin, a division of Rodman & Renshaw, LLC, a full service investment bank, are pleased to announce that they have signed a Master Strategic Alliance Agreement to provide UTEK's technology acquisition services to their clients in the life science industry.

"We are enthusiastic about working with UTEK Corporation, whose technology transfer model is unique in the industry. This Alliance will enable us to provide UTEK's technology acquisition services to certain clients. The goal of the alliance is to provide our clients in the life sciences industry with intellectual capital and proprietary technology from university discoveries," commented John Chambers, President of Acumen BioFin.

"UTEK looks forward to working with Acumen BioFin and their clients, to identify potential technology acquisition opportunities that fit their strategic vision. We feel this Alliance will enable UTEK to improve the quantity and diversity of our technology acquisition engagements throughout 2007," commented Clifford M. Gross, Ph. D., Chief Executive Officer of UTEK Corporation.

This Alliance calls for Acumen BioFin to purchase and provide UTEK's technology acquisition services to a minimum of fifteen Acumen BioFin clients during the 12 month period covered by the agreement. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.

About UTEK Corporation

UTEK([R]) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B([R]). In addition, UTEK offers companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.

About Acumen BioFin

Acumen BioFin is dedicated exclusively to serving growth companies in the life-sciences industry. With established expertise in investment banking, equity research and sales & trading, Acumen BioFin provides clients with highly specialized services that promote their long-term success. Acumen BioFin is a division of Rodman & Renshaw, LLC, a full-service investment and merchant bank committed to fostering the long-term success of growth companies through capital raising, strategic advice, insightful research and the development of institutional support.

Forward-Looking Statements 

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words such as UTEK or Rodman & Renshaw "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Rodman & Renshaw's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Rodman & Renshaw, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Rodman & Renshaw believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Rodman & Renshaw do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.