CONTACT: GEORGE MCCRORY
100 Old Public Library
Iowa City IA 52242
(319) 384-0012; fax (319) 384-0024
Release: May 14, 2001
Albany Molecular Research Inc. opens new facility on UI Oakdale Research
CORALVILLE, Iowa -- Albany Molecular Research Inc. (NASDAQ: AMRI) dedicated
a new 10,000 square-foot, $3 million laboratory facility today (May 14) at
the University of Iowa Oakdale Research Park, highlighting the expansion of
the biomedical industry in the Coralville/Iowa City/Cedar Rapids Technology
U.S. Rep. Jim Leach (R- Iowa), University of Iowa President Mary Sue Coleman,
and AMRI Vice President of Operations James Grates spoke at the dedication
program, which was moderated by Oakdale Research Park Director Bruce Wheaton.
They also viewed demonstrations in the division's robotics and laboratory
"We are pleased to conduct this open house today and open the doors
of our new Biocatalysis Division to the public," said Grates. "We're
excited about the applications of our biocatalysis technology -- developed
in Iowa -- in the research and development of new pharmaceutical and agrochemical
products. Moreover, we are grateful to the City of Coralville, the University
of Iowa, and the Iowa Department of Economic Development for their support
and assistance with this expansion, which will result in about two dozen new
high-tech jobs in the region."
AMRI's Biocatalysis Division at the Oakdale Research Park offers unique
"combinatorial biocatalysis" technology used to accelerate pharmaceutical
and agrochemical drug discovery. The division employs about 25 scientific
staff and support personnel. An additional 24 employees will be added over
the next two years as a result of the expansion. The division works on projects
such as modifying drugs to treat breast cancer.
"AMRI's decision to locate at the Oakdale Research Park represents
an expansion of an industry that is one of the state's highest priorities
-- biotechnology," said Coleman. "This growth means career opportunities
for University of Iowa graduates in biochemistry, chemistry, biochemical engineering,
biology, microbiology and related scientific fields. It is also good news
for the University of Iowa because it means there will be opportunities for
sustained research relationships with the many UI faculty and staff scientists
at the Center for Biocatalysis and Bioprocessing."
The Biocatalysis Division is a spin-off that is based on research by former
UI Professor Jonathan Dordick and Professor Douglas Clark of the University
of California at Berkeley. AMRI acquired the UI spin-off, formerly known as
EnzyMed, Inc. in late 1999 and chose the Oakdale Research Park for a major
expansion of its Biocatalysis Division. EnzyMed has been a corporate tenant
in the UI Technology Innovation Center (business incubator) since 1994.
The expansion represents an investment of $3 million and was made possible
through growth plans of AMRI, plus financial incentives from the City of Coralville,
the University of Iowa Research Park, and the Iowa Department of Economic
Designed by MKH Designs of Albany, NY, the building is in the Myriad Technology
Plaza, under long-term lease from the Myriad Developers. General contractor
McComas-Lacina Construction of Iowa City began construction in June 2000.
The consulting engineer was Alvine and Associates of Omaha, Neb.
AMRI is a leading chemistry research, drug discovery and development company
focusing on applications for the life sciences industries. The company performs
comprehensive chemistry research for many of the leading pharmaceutical and
biotechnology companies and for its own internal research and development.
The UI Oakdale Research Park was established in 1989 to encourage sustained
research relationships between the UI and industry. The Park offers leased
building sites and space to corporations engaged in research and development
and related production and marketing activities.
AMRI is the ninth company to expand on the research park. Firms already
on the park include LMS CADSI, Oakdale Systems, Stanley Consultants/Environmental,
CompuTerra, Inc., Ascend Technologies, Inc., Stock Point Inc., Breakthrough
to Literacy, Inc., and Police Law Institute. University "magnet"
laboratories on the park are Oakdale Medical Research, the Center for Biocatalysis
and Bioprocessing, and the National Advanced Driving Simulator. A fourth magnet
laboratory, the Center for Advanced Drug Development, is also at Oakdale.
For more information, contact Bruce Wheaton, director of the Oakdale Research
Park, (319) 335-4063 or David Albert, AMRI director of communications, (518)
464-0279, ext. 2229.
* * * *
Statements in this press release that relate to AMRI 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. AMRIs
actual results may differ materially from such forward-looking statements.
Factors that could cause such differences include, but are not limited to,
the companys ability to attract and retain experienced scientists, trends
in pharmaceutical and biotechnology companies outsourcing chemical research
and development, sales of Allegra and the companys receipt of significant
royalties from the Allegra license agreement, the companys ability to
enforce its intellectual property and technology, the companys ability
to take advantage of proprietary technology and expand the scientific tools
available to it, the ability of the companys strategic investments and
acquisitions, including its Biocatalysis Division, to perform as expected,
the companys ability to successfully complete its ongoing expansion
projects on schedule and integrate acquired companies, and the companys
ability to effectively manage its growth, as well as those discussed in the
companys 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 companys other SEC filings.