Third Compound from AMRI Bristol-Myers Squibb Collaboration Selected for Preclinical Development AMRI to Receive Milestone Payment from Licensing Agreement

ALBANY, N.Y., Nov 02, 2009 (BUSINESS WIRE) -- AMRI (NASDAQ: AMRI) announced today that a third compound being developed under its license and research agreement with Bristol-Myers Squibb Company (NYSE: BMY) will proceed into preclinical development. AMRI will receive a $750,000 payment from Bristol-Myers Squibb for the completion of this milestone, marking the fifth milestone payment in the ongoing research collaboration between the two companies.

Under the 2005 licensing agreement, Bristol-Myers Squibb received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI's proprietary research program. To date, Bristol-Myers Squibb has selected two compounds from this program for approval to initiate Phase I studies. The two companies will continue to evaluate additional compounds under this collaboration to develop improved treatments for diseases of the central nervous system (CNS).

Per terms of the agreement, AMRI is potentially eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional potential payments of up to $22 million per compound on subsequent compounds. In addition, AMRI will receive royalties on worldwide sales of commercialized compounds.

About AMRI Founded in 1991, Albany Molecular Research, Inc. provides scientific services, products and technologies focused on improving the quality of life. AMRI works on drug discovery and development projects and conducts manufacturing of active ingredients and pharmaceutical intermediates for many of the world's leading healthcare companies. As an additional value added service to its customers, the company is also investing in R&D in order to expand its contract services and to identify novel early stage drug candidates with the goal to outlicense to a strategic partner. With locations in the U.S., Europe, and Asia, AMRI provides customers with a wide range of services, technologies and cost models.

AMRI Forward-Looking Statement 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. These statements may be identified by forward-looking words such as "may," "could," "should," "would," "will," "intend," "expect," "anticipate," "believe" and "continue" or similar words. Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to (a) the company's performance under the collaboration with Bristol-Myers Squibb; (b) Bristol-Myers Squibb's continuous utilization of the company's services at levels set forth in the contract; (c) Bristol-Myers Squibb's continued pursuit of programs under which the company provides services; (d) delay or denial of marketing approvals from the FDA resulting from, among other things, adverse FDA decisions or interpretations of data that differ from Bristol-Myers Squibb's interpretations and that may require additional clinical trials or potential changes in the cost, scope and duration of clinical trials; and (e) the outcome of clinical work that will be required to commercialize compounds, as well as those factors discussed in the company's Annual Report on Form 10_K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission on March 13, 2009 and the company's other SEC filings. The company does not undertake any duty to and does not intend to update any forward-looking statements contained in this press release after the date of this press release.

SOURCE: Albany Molecular Research, Inc.

CONTACT: Albany Molecular Research, Inc. Media Andrea Schulz, 518-512-2226 AMRI Corporate Communications or Investors Peter Jerome, 518-512-2220 AMRI Director of Investor Relations Copyright Business Wire 2009 -0- KEYWORD: United States

North America

New York INDUSTRY KEYWORD: Health

Biotechnology

Pharmaceutical

Manufacturing

Chemicals/Plastics

General Health SUBJECT CODE: Product/Service