Martek Biosciences Corporation (Nasdaq: MATK) announced yesterday that the Food and Drug Administration (FDA) has completed its review of the company’s generally recognized as safe (GRAS) notification. The agency has issued a letter (available for review at http://www.martekbio.com ) informing the company that the FDA has no questions regarding the company’s conclusion that Martek’s DHASCO® and ARASCO® oil blend is GRAS when used in specified ratios in infant formulas. Infant formulas containing Martek’s oils will become available in the United States as soon as infant formula manufacturers satisfy FDA’s pre-market notification procedures relating to infant formula.

This acknowledgment from the FDA comes after a review of the extensive battery of safety and clinical data on the Martek’ oils, and supports the affirmation of two independent panels of expert physicians, scientists and toxicologists that the Martek oils are GRAS for use in infant formula. Currently, infant formula containing DHASCO® and ARASCO® is sold in over 60 countries by various infant formula manufacturers which are licensees of Martek.

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Martek’s oil blend contains two long-chain polyunsaturated fatty acids (LCPUFAs), docosahexanoic acid (DHA) and arachidonic acid (ARA), both of which are found in mother’s’ breast-milk. These substances have been demonstrated to be important building blocks for the brain and retinal development of infants. Martek’s DHASCO® oil contains DHA and its ARASCO® oil contains ARA. Both DHASCO® and ARASCO® are derived from vegetable sources and represent a close match to the form of DHA and ARA found in mother’s breast- milk. The Martek oils were specifically developed so that they do not contain those LCPUFAs which are considered to be undesirable in infant nutrition.

“This response from the FDA represents a major step in clearing the way for American babies to receive these important breast-milk ingredients in infant formula,” commented Henry Linsert, Jr., Chairman and CEO of Martek Biosciences Corporation.

The FDA’s action pertains solely to Martek’s oil blend and does not extend to any other sources of DHA and ARA. The FDA has indicated that it expects the infant formula manufacturers to closely monitor infants consuming formula containing Martek’s oils.

Martek will host a conference call on Friday, May 18, 2001 at 8:30 a.m. EDT to discuss in detail the GRAS letter from the FDA. Interested parties may access the call by telephone at 888-863-1556 (domestic) or 212-271-4785 (international) and asking for the Martek conference call. A replay of the call will be available until Sunday, May 20, 2001, at 11 a.m. by calling 800- 633-8284 (domestic) or 858-812-6440 (international) and entering access code 18920305.

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Martek Biosciences Corporation develops, manufactures and sells products from microalgae. The Company’s products include: (1) specialty, nutritional oils for infant formula, nutritional supplements and food ingredients that may play a beneficial role in promoting mental and cardiovascular health, and in the development of the eyes and central nervous system in newborns; (2) high value reagents and technologies to visualize molecular interactions for drug discovery and development, and (3) new, powerful fluorescent markers for diagnostics, rapid miniaturized screening, and gene and protein detection.

This press release contains forward-looking statements regarding potential benefits of Martek’s oils. Such statements involve risks and uncertainties that could cause future actual results to differ due to a variety of risk factors, including without limitation those factors set forth in Exhibit 99.1 to the Company’s Form 10-Q for the fiscal quarter ended January 31, 2001 and from time to time in the Company’s filings with the Securities and Exchange Commission.

CONTACT: Pete Buzy, Chief Financial Officer, or George Barker, Sr. Vice Pres. & Gen. Counsel, 410-740-0081, both of Martek Biosciences Corporation.